The Federal Government through the Debt Management Office (DMO) has announced plans to raise at least N300 billion through its bond offer scheduled for July 2024.
This amount is 33 per cent lower than the previous month’s N450 billion target, signifying adjustments to a recent trend of lower demands for government bonds.
The auction date is set for July 15, 2024, with a settlement date of July 17, 2024, while the bonds are being offered in units of N1,000 each. Interest on the bonds will be payable semi-annually.
The DMO said the bond offer will be conducted by auction, featuring three different re-openings, each with distinct maturity dates and interest rates, providing a variety of options for potential investors.
The first bond offering in the Federal Government of Nigeria’s July 2024 bond auction is a re-opening of the 19.30% FGN APR 2029 bond, with a targeted raise of N100 billion.
The second bond in the July 2024 auction is the 18.50% FGN FEB 2031, also targeting N100 billion.
The third bond offering in this auction is the 19.89% FGN MAY 2033 bond, with the highest interest rate among the three at 19.89%. This bond also aims to raise N100 billion, bringing the total amount offered to N300 billion.
