According to the circular issued by the DMO on its website on Wednesday, the
five-year re-opening bonds of N50 billion will mature in April 2023 and
would be offered at 12.75 percent.
It added that the seven-year re-opening bonds also of N50 billion to mature in
March 2025 would be auctioned at 13.53 percent.
It stated that the 10-year bonds of N50 billion, which would be due in February
2028, would be auctioned at 13.98 percent.
The bonds, according to the DMO, will be sold at N1,000 per unit, subject to
a minimum subscription of N50 million and in multiples of N1,000 thereafter.
It explained that the bonds were backed by the full faith and credit of the
Nigerian Government with interest payable semi-annually to bondholders, while
bullet repayment would be made on maturity date.
The Nigerian government has resorted to the issuance of sovereign bonds monthly
to support the local bond market and create a benchmark for corporate issuance
and fund its budget deficit.