N150bn worth of bonds up for subscription June 17- DMO

The Debt Management Office (DMO) has said that N150 billion worth of Federal Government bonds will be up for subscription on June 17.

The DMO said in a circular on its website on Tuesday that the five-year re-opening bonds of N40 billion to mature in April 2023 was offered at 12.75 per cent.

It said that the 15-year re-opening bonds of N50 billion to mature in March 2035 would be auctioned at 12.50 per cent.

It added that the N60 billion 30-year bonds, to be due in March 2050, would be auctioned at 12.98 per cent.

According to the DMO, units of sale is 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 are backed by 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.