The Federal Government, through the Debt Management Office (DMO), has offered Federal Government of Nigeria Savings Bonds (FGN Bonds) worth N50 billion for subscription in November 2020.
This was disclosed in an offer for subscription circular made available on the agency’s website.
The FGN bonds are listed in two tranches which include:
2-Year FGN Savings Bond due November 11, 2022: 1.759% per annum.
3-Year FGN Savings Bond due November 11, 2023: 2.759% per annum.
The FG bond is usually backed by the full faith and credit of the Federal Government of Nigeria, and charged upon the general assets of Nigeria.
The Details of the Offer:
Opening Date: November 2, 2020.
Closing Date: November 6, 2020.
Settlement Date: November 11, 2020.
Coupon Payment Date: February 11, May 11, August 11, November 11.
Units of Sale: N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,0000,000.
Interest payment: Payable quarterly.
Redemption: Bullet repayment on the maturity date.