The Debt Management Office, DMO, has said that the Federal Government is set to raise N60 billion through the FGN savings bond issuance on April 22.

The debt office is also reopening the FGN bond market next week, having raised N50 billion from a bond auction held last month.

A circular by the DMO on Wednesday showed the breakdown of the figure to include a N20bn five-year re-opening bond that would mature in April 2023 and be offered at 12.75 per cent; a N20bn 15-year reopening bond that would mature in March 2035 and be offered at 12.50 per cent.

There is another N20bn 30-year reopening bond that would mature in April 2050 and be offered at 12.98 per cent.

According to the DMO, the settlement date for the bonds to be auctioned is April 24.

It would be recalled that the Federal Government’s bonds for the month of March worth N50bn were oversubscribed by N131.26bn.

According to the DMO, the total subscription received from investors for the March bonds was N181.26bn.

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The March bonds showed that successful bids for the 12.7500 per cent FGN April 2023, 12.5000 per cent FGN March 2035, and 12.9800 per cent FGN March 2050 were allotted at the marginal rates of 10.0000 per cent, 12.5000 per cent and 12.9800 per cent, respectively.

The DMO stated that the original coupon rate of 12.75 per cent for the 12.75 per cent FGN April 2023 was maintained, while the coupon rates for the 12.5000 per cent FGN March 2035 (new issue) and 12.9800 per cent FGN March 2050 (new issue) was set at 12.5000 per cent and 12.9800 percent respectively.

Yetunde Adegoke