DMO to offer N150bn bonds in April

The Debt Management Office (DMO) has announced the offer of N150 billion bonds for subscription by auction in the month of April on behalf of the Federal Government.

This is just as expectations are high that rates will remain flat despite a N20.0 billion Open Market Operation (OMO) inflow and a possible central bank’s mop-up.

A breakdown of the DMO bonds shows that a 10-year reopening bond is to be offered at the rate of 16.2884 per cent with a maturity date in March 2027; a 15- year reopening bond will be offered at 12.5 per cent  with a maturity date in March 2035; and the third and longest bond which is a 25-year reopening bond will be offered at 9.8 per cent and mature in July 2045.

This disclosure was contained in a circular issued by the DMO on April 14, 2021, and can be seen on its website.

The circular states that the bonds which would be auctioned on April 21, 2021, have a settlement date of April 23, 2021, adding that the unit of sale is N1,000 per unit subject to a minimum subscription of N50,000 and in multiples of N1,000 thereafter.

It also states that the interest is payable semi-annually with the redemption expected to be in bullet payment on the maturity date.

The DMO had earlier disclosed that the Federal Government’s bonds for March worth N150 billion which were auctioned were oversubscribed by N183.48 billion.

The total subscription received from investors for the bonds was N333.48 billion comprising N65.25 billion for 16.2884 per cent  FGN March 2027 bonds; N110.19 billion for 12.5 per cent FGN March 2035 bonds; and N158.04 billion for 9.8per cent FGN July 2045 bonds.

The auction result added that out of 82,125 and 215 total bids for the tenures, 48,88 and 176 were successful.

It stated that a total of N262.1 billion was allotted, comprising of N44.01 billion, N86.29 billion and N131.80 billion, respectively.


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