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Market Digest Nigeria

Finance

DMO announces subscription of savings bond

dmo

DMO announces subscription for three-year savings bond offer

dmo

The Debt Management Office (DMO) on behalf of the Federal Government has announced the offer for subscription of the July 2021 FGN Savings Bond.

This is contained in a disclosure released by the agency on its website on Monday, 5th July 2021.

According to the disclosure, the 2-year bond was offered at 8.35% per annum as against the 7.753% offered in May 2021.

Also, the 3-year FGN savings bond was offered at 9.35%, an uptick compared to the 8.753% rate offered in the month of May, while the June 2021 FGN bond auction was oversubscribed despite the drop in interest rates.

Breakdown

2-Year FGN Savings Bond due July 14, 2023: 8.35% per annum

3-Year FGN Savings Bond due July 14, 2024: 9.35% per annum

Opening Date: July 5, 2021

Closing Date: July 9, 2021

Settlement Date: July 14, 2021

Coupon Payment Dates: October 14, January 14, April 14, July 14

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 N50,000,000.

Security

The bond is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.

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