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DMO List Bonds for November, Interest Rate at 13%

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CEM REPORT, MARKET | The Debt Management Office (DMO) has listed two-year and three-year Federal Government of Nigeria Bonds on the Nigeria Exchange(NGX).

The subscription process for the bonds would be open for 5 days, from November 6th to November 10, 2023.

The two-year will mature on November 15, 2025, while the three-year will mature on November 15, 2026.

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According to a statement published by the DMO, the interest rate for the two-year bonds stands at 12.464% per annum, while the three-year bonds offer an interest rate of 13.464% per annum.

The interest on each bond is payable every quarter.

The statement also states that the settlement date for both bond offerings is November 15, 2023, while coupon payments are scheduled for February 15, May 15, August 15, and November 15.

As per unit of sale, the DMO said that “₦1,000 per unit, subject to a minimum subscription of ₦5,000, and subsequent multiples of ₦1,000, with a maximum subscription limit of ₦50,000,000.”

The bonds are “backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.”

The DMO called on interested members of the public to stockbroking firms appointed as distribution agents by the debt management office. Added that the list of appointed agents is available on its website www.dmo.gov.ng.

It is worth noting that the bonds qualify as securities in which trustees can invest under the Trustee Investment Act. Also as a liquid asset for liquidity ratio calculation for banks, amongst others.

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