Home Business News FG to auction N70bn bonds on May 23

FG to auction N70bn bonds on May 23

0

The Debt Management Office (DMO) today stated that the Federal Government would offer for subscription by auction N70 billion worth of bonds in its May 23 auction.

The offer circular which was hosted on the DMO’s its website, indicated that government would sell N20 billion of a five-year re-opening issue maturing in April 2023 at 12.75 per cent.

Also listed by the Office for sale by government is a N20 billion seven-year re-opening bond to mature in March 2025 at 13.53 per cent and another N30 billion 10-year re-opening bond at 13.98 per cent to mature in February 2028.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

According to the Office’s bonds auction schedule, the bonds are issued monthly or as need arises to finance government’s fiscal deficits in a non-inflationary and sustainable manner.