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DMO raises N1.4trn in February’s bonds auction

Abuja, Feb. 21, 2024: The Debt Management Office (DMO) said on Tuesday that it raised N1.495 trillion from Federal Government of Nigeria (FGN) bonds at its monthly auction of Feb. 2024.

DMO offered N1.25 trillion seven-year bond, maturing in 2031 and another N1.25 trillion 10-year FGN bond, maturing in 2034.

The debt office said that it received total bids of N1.9 trillion, making it the highest it received in any of the FGN securities auction.

“At the close of the auction, a total of N873.53 billion was allotted for the 2031 FGN bond and N621.38 billion was allotted for the 2034 FGN bond, making a total allotment of N1.495 trillion.

“The relatively large amount on offer was based on the FGN’s financing need, the opportunity to attract foreign investors, as well as, the premise that some local investors may be able to access pools of funds,” it said.

The FGN bonds and other government securities like the savings bond and the Sukuk bond constitute the local component of government borrowing.

The N1.495 trillion bonds allotment is part of the new domestic borrowing of six trillion naira in the 2024 Appropriation Act.

The National Assembly also, recently, approved the securitisation of 27 trillion naira “Ways and Means’’ advances to the Federal Government by the CBN.

Libya’s parallel government sells $23b bonds

Nigeria re-opens auction of 4 bonds worth N360bn

Abuja, Jan. 24, 2024: The Debt Management Office (DMO) on Tuesday re-opened four Federal Government of Nigeria (FGN) Bonds valued at N360 billion for subscription  through auction.

In a statement  on Tuesday in Abuja, DMO said that the first offer was a March 2027 FGN Bond valued at N90 billion.

It said that the bond had an interest rate of 16.2884 per cent per annum (10-year re-opening).

According to DMO, the second offer is an April 2029 FGN Bond worth  N90 billion with interest rate of 14.55 per cent per annum (10-year re-opening).

The third is the June 2033 FGN Bond valued at N90 billion. It has an interest rate of 14.70 per cent per annum (10-year re-opening), according to DMO.

The fourth offer is a June 2038 FGN Bond also valued at N90 billion. It has  14.43 per cent interest rate per annum (15-year re-opening), DMO said.

The auction date for the four offers is Jan. 29, while settlement date is Jan. 31, according to DMO, which added that the bonds were being offered at N1, 000 per unit subject to a minimum subscription of N50 million and in multiples of N1, 000 thereafter.

“For re-openings of previously issued bonds, 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.

“Interest is payable semi-annually, while bullet repayment is on maturity date,’’ it said.

It said that FGN Bonds were backed by the full faith and credit of the Federal Government of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act,” it said.

DMO added that the bonds were  listed on the Nigerian Exchange Ltd. and FMDQ OTC Securities Exchange and  qualified as liquid assets for liquidity ratio calculation for banks.

DMO-DG

DMO lists 2 savings bonds for subscription in first 2024 offer

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Abuja, Jan. 8, 2024: The Debt Management Office (DMO) listed two Federal Government of Nigeria savings bonds on Monday for subscription at N1,000 per unit.

They are the first offers in 2024.

The first offer is a two-year savings bond due to mature on Jan. 17, 2026 at 11.033 per cent per annum.

The second offer is a three-year savings bond due to mature on Jan. 17, 2027, at an interest rate of 12.033 per cent per annum.

Opening date for both offers is Jan. 8, while the closing date is Jan. 12; settlement is Jan. 17, and coupon payment dates are April 17, July 17, Oct. 17 and Jan. 17.

“They are offered at 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 million.

“Interest is payable quarterly while bullet repayment is made on maturity date,’’ the DMO stated.

The savings bonds, like all other Federal Government securities are backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustees Investment Act.

“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption and pension funds, amongst other investments,’’ the DMO stated.

bonds

DMO offers December savings bonds

Abuja, Dec. 5, 2023: The Debt Management Office (DMO), on Monday, offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.

The first offer is a two-year FGN savings bond due on Dec. 13, 2025, at an interest rate of 12.287 per cent per annum.

The second offer is a three-year FGN savings bond due on Dec. 13, 2026, at an interest rate of 13.287 per cent per annum.

The opening date for both offers is Dec. 4 while the closing date is Dec. 8, according to the DMO.

The settlement date is Dec. 13 while coupon payment dates are March 13, June 13, Sept. 13 and Dec. 13.

“They are offered at 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 million.

“Interest is payable quarterly, and the bullet repayment is made on maturity,” the DMO said.

The DMO gave the assurance that the bonds, like all other FGN securities, were backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustees Investment Act,” it said.

DMO

DMO auctions 4 FGN bonds valued at N360bn

Abuja, Aug. 10, 2023: The Debt Management Office, on behalf of the Federal Government of Nigeria (FGN), has offered for subscription four FGN bonds for August 2023 via auction.

According to the offer circular released by the DMO, the first is an April 2029 FGN bond valued at N90 billion, at interest rate of 14.55 per cent per annum. (10-year re-opening)

The second offer is a June 2033 FGN bond, also valued at N90 billion, at interest rate of 14.70 per cent per annum. (10-year re-opening)

There is also the June 2038 FGN bond valued at N90 billion, at interest rate of 15.45 per cent per annum. (15-year re-opening)

The last offer is the June 2053 FGN bond, also valued at N90 billion, at interest rate of 15.70 per cent per annum. (30-year re-opening)

They are offered at N1,000 per unit subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.

According to the DMO, for re-openings of previously issued bonds (where the coupon is already set), 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.

It stated that interest is payable semi-annually while the bullet repayment (principal sum)will be made on the maturity date.

It assured that FGN bonds are backed by full faith and credit of the FGN and are charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act

“They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other investors.

“They are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange.

“All FGN bonds qualify as liquid assets for liquidity ratio calculation for banks, ” it said.

Debt-Management-Office-DMO

2 FGN savings bonds ready for subscription – DMO

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Abuja, July 4, 2023: The Debt Management Office (DMO) has listed two Federal Government of Nigeria (FGN) Savings Bonds for subscription for July, at N1,000 per unit.

According to a statement by the DMO on Monday, the first offer is a two-year FGN Savings Bond which will be due on July 12, 2025, offered at interest rate of 9.07 per cent per annum.

The second offer is a three-year FGN Savings Bond due on July 12, 2026, offered at 10.070 interest rate per annum.

The opening date for both offers is July 3, while closing date is July 7 and settlement date, July 13.

Also, coupon payment dates are Oct. 12, Jan. 12, April 12 and July 12 respectively.

“They are subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“Interest payment is made quarterly, while bullet payment (principal sum) is on maturity date,” the DMO said.

It said that they are backed by full faith and credit of the Federal Government of Nigeria and are charged against the general assets of Nigeria.

“FGN Bonds qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other investors.

“They are listed on the Nigerian Exchange Limited, and qualify as liquid asset for liquidity ratio calculation for banks,” it said.

bonds

DMO releases N1.2trn bond Issuance schedule for third quarter

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Abuja, June 27, 2023: The Debt Management Office (DMO) has indicated plans to issue Federal Government of Nigeria (FGN) bonds valued at N1.2 trillion in its third quarter “Bond Issuance Calendar” for 2023.

According to the calender, on July 17, the DMO will re-open a 14.55 per cent, April 2029 FGN bond. Valued at between N80 billion to N100 billion.

Its has 10-year original tenor, with term-to-maturity of five years, nine months.

Also on July 17, the DMO will re-open a 14.70 per cent, June 2033 FGN bond valued at between N80 billion to N100 billion, with 10-year original tenor and term-to-maturity of nine years, 11 months.

On the same date, the DMO will re-open a 15.45 per cent June 2038 FGN bond valued at between N80 billion to N100 billion, with 15-year original tenor, and term-to-maturity of 14 years, 11 months.

Again, on July 17, the office will re-open a 15.70 per cent, June 2053 FGN bond, valued at between N80 billion to N100 billion, with 30-year original tenor, and term-to-maturity of 29 years, 11 months.

On Aug. 14, the DMO says it will, again, re-open the 14.55 per cent, April 2029 FGN bond valued at between N80 billion to N100 billion, this time, with term-to-maturity of five years, eight months.

Also on Aug. 14, the DMO will re-open the 14.70 per cent, July 2033 FGN bond valued at between N80 billion to N100 billion, with term-to-maturity of nine years, 10 months.

It will also re-open the 15.45 per cent, June 2038 FGN bond valued at between N80 billion to N100 billion on Aug. 14; this time, with term-to-maturity of 14 years, 10 months.

Also on Aug. 14, the DMO will re-open the 15.70 per cent, June 2053 FGN bond valued at between N80 billion to N100 billion, with a new term-to-maturity of 29 years, 10 months.

On Sept. 11, the DMO will, again, re-open the 14.55 per cent, April 2029 FGN bond, valued at between N80 billion to N100 billion; with a new term-to-maturity of five years, seven months.

Also, on Sept. 11, it will re-open the 14.70 per cent, June 2033 FGN bond valued at between N80 billion to N100 billion; with term-to-maturity of nine years, nine months.

On the same date, it will re-open the 15.45 per cent, June 2038 FGN bond,valued at between N80 billion to N100 billion, with term-to-maturity of 14 years, nine months.

Finally, on Sept 11, the DMO will re-open the 15.70 per cent, June 2053 FGN bond, valued at between N80 billion to N100 billion; with term-to-maturity of 29 years, nine months.

The FGN savings bonds, like other government securities such as the FGN savings bonds, the treasury bills, and the Sukuk bond, constitute the domestic component of government borrowing plan.

For re-openings of previously issued bonds, however, successful bidders will be required to pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned plus any accrued interest on the instrument.

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DMO offers 2 savings bonds for subscription

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The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) Savings Bonds for subscription at one thousand Naira per unit.

The DMO announced the bonds offer in Abuja on Monday.

It listed the first offer as a two-year FGN Savings Bond due on June 14, 2025, at 10.301 per cent interest rate per annum.

The second offer is a three-year FGN Savings Bond, due on June 14, 2026, at interest rate of 11.301 per cent per annum.

“Opening date for the offers was June 3, closing date is June 9, while settlement date is June 14.

“Coupon payment dates are Sept 14, Dec. 14, March 14 and June 14.

“They are offered at N1,000 per unit subject to a maximum subscription of N5,000 and in multiples of N1,000 thereafter , subject to a maximum subscription of N50million.

“Interest is payable quarterly and the bullet repayment (principal amount) is done on maturity ” the DMO said.

It said that FGN Savings Bonds were backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of the country.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for Pension Funds amongst other investors.

“They are listed on the Nigerian Exchange Limited and qualify as liquid asset for liquidity ratio calculation for banks, ” it said.

bonds

DMO re-opens 4 FGN bonds valued at N360bn for subscription

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The Debt Management Office (DMO), has listed four Federal Government of Nigeria (FGN) bonds valued at N360 billion for subscription at N1,000 per unit.

The first offer is a February 2028 FGN Bond valued at N90 billion, at interest rate of 13.98 per cent per annum (10-year re-opening).

The second offer is an April 2032 FGN Bond, valued at N90 billion, with an interest rate of 12.50 per cent per annum (10-year re-opening).

There is also the Jan 2042 FGN Bond valued at N90 billion, with an interest rate of 13.00 per cent per annum (20-yearre-opening).

The fourth offer is the March 2042 FGN Bond, also valued at N90 billion, at an interest rate of 12.98 per cent per annum.

Auction date is April 17, and settlement date is April 19.

“For re-openings of previously issued bonds, 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.

“Interest is payable semi-annually, while bullet payment is made on maturity,” the DMO said.

It said that FGN Bonds were backed by the full faith and credit of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds among other investors,” it said.

According to DMO, the bonds are listed on the Nigerian Stock Exchange Limited and FMDQ Securities Exchange Limited.

“All FGN Bonds qualify as liquid asset for liquidity ratio calculation for banks, ” it said.

bonds

DMO offers April FGN savings bonds at N1,000 per unit

The Debt Management Office (DMO), on Monday offered two Federal Government of Nigeria (FGN) Savings Bonds for the month of April at N1,000 per unit.

According to the DMO, the first offer is a two-year FGN Savings Bond due in April 12, 2025 at an interest rate of 10.033 per cent per annum.

The second offer is a three-year FGN Savings Bond due in April 12, 2026 at 11.033 per cent per annum interest rate.

“The offer opens on April 3 and closes on April 7.

“Minimum subscription is N5,000 with multiple of N1,000 thereafter, and subject to a maximum subscription of N50 million.

“Interest is payable quarterly while bullet repayment (principal sum) is on maturity, ’the DMO said.

It said that FGN Savings Bonds qualified as securities in which trustees could invest under the Trustee Investment Act.

“They also qualify as government securities within the meaning of the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds.

“They are listed on the Nigerian Stock Exchange Limited and qualify as liquid asset for liquidity ratio calculation for banks.

“They are backed by the full faith and credit of the FGN and charged upon the general assets of the country.’’

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