Economy

DMO auctions N150b FG bonds

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By Kadiri Abdulrahman

The Debt Management Office (DMO) on Wednesday announced the auctioning of three federal government bonds of 150 billion naira at 1,000 naira each.

Details obtained from DMO’s website indicated that the three bonds were valued at N50 billion each, with interest rates of 16.29 percent; 12.50% and 9.80%, respectively.

It listed the auction date as April 21, while the settlement date was April 23.

“The minimum units for sale are 50,001 thousand naira and thereafter in multiples of 1,000 naira.

“For reopenings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that offsets the volume auctioned plus any accrued interest rate on the instrument,” he said. ‘OGD.

He explained that interest rates would be paid “semi-annually,” with a bullet repayment on the due date.

The office said the bonds are considered securities in which trustees can invest under the Trustees Investment Act.

“It is also qualified as government securities within the meaning of the corporate income tax law and the personal income tax law for the tax exemption of pension funds and other investors.

“It is listed on the Nigerian Stock Exchange and the FMDQ OTC Stock Exchange,” DMO explained.

The WCO added that all federal government bonds qualify as liquid assets for the purpose of calculating banks’ liquidity ratio.

He also ensured that the bonds were backed by the full faith and credit of the Federal Government and charged against the general assets of Nigeria.

He urged interested investors to contact the designated banks. (NOPE)

(NAN)

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