FG to auction N150b bonds in January

The Debt Management Office says the Federal Government is to auction by subscription N150 billion worth of bonds on January 30.
The DMO said in a circular on its website on Wednesday in Abuja, that the five-year re-opening bonds of N50 billion to mature in April 2023 would be offered at 12.75 per cent.
It said that the seven-year re-opening bonds also of N50 billion to mature in March 2025 would be auctioned at 13.53 per cent.
It added that the 10-year bonds of N50 billion, which would be due in February 2028, would be auctioned at 13.98 per cent.
According to the DMO, the bonds will be sold at N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.
The DMO explained that the bonds were backed by the full faith and credit of the Nigerian Government, with interest payable semi-annually to bondholders, while bullet repayment would be made on maturity date.
Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.