FG Raises N2.75bn at 18.20% Via Savings Bond

2 hours ago 30 save

Place your adverts here on InfoDig @ low rates; banner ads, sponsored links and guest articles etc. Contact us

This follows the recently concluded offer period that ran from September 2 to September 6, 2024.

The Federal Government savings bond allotment result for September 2024, revealed that a total of 930 successful subscriptions were recorded for the three-year bond, which was set to mature on September 11, 2027.

It stated that investors in the bond would enjoy quarterly coupon payments on December 11, March 11, June 11, and September 11 until maturity.

In addition, the two-year FGN Savings Bond, set to mature in September 2026, offered a 17.202% coupon rate, raising N843.58m from 418 successful subscriptions during the same offer period.

The next settlement date for these bonds is September 11, 2024, when the bonds will officially be issued to successful subscribers.

In August, the Debt Management Office offered two Federal Government of Nigeria savings bonds for subscription at N1,000 per unit.

It said the first offer is a two-year FGN savings bond due on August 21, 2026, at a coupon of 17.373% per annum.

Earlier in Feburary, The Federal Government of Nigeria sought to borrow N2.5tn in its second FGN bonds auction of the year.

Debt Management Office (DMO) in a circular issued on Wednesday stated that the offerings consisted of N1.25tn with a maturity date of February 2031 and N1.25tn with a 10-year tenor.

FGN savings bonds are part of the domestic borrowing plan of the Federal Government. Last year, the Federal Government raised about N7.06tn from the fixed income market. This year, the Federal Government has projected its new borrowings to hit N7.83tn.