Nigeria offers N150bn bond

Nigeria has offered a 10-year reopening bond of N150 billion to be offered at the rate of 13.98 percent with a maturity date of February 2028.
The Debt Management Office (DMO) of Nigeria said that the offer for subscription is for July is for three tranches of N50 billion each.
The second tranche of N50 billion with 12.40 percent rate has March 2036 (20 years) as maturity, while the third tranche of N50 billion with 12. 98 percent (30-year re-opening) has March 2050 maturity.
According to the circular, auction date would be July 19, 2021, with a settlement date is July 23, 2021.
Transactions would be at N1,000 per unit, subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.
“For re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield- to- maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument,” the DMO said.
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