The Debt Management Office (DMO) has opened the Federal Government of Nigeria’s July 2025 bond offer for subscription.
According to the offer circular released by the DMO on Wednesday, the bond issuance consists of two reopened instruments: a N20 billion reopening bond and a N60 billion bond.
The N20 billion reopening is a 5-year FGN bond offered at a coupon rate of 19.30%, with a maturity date set for April 2029.
The N60 billion reopening is a 7-year bond offered at a coupon rate of 17.95%, maturing in June 2032.
The auction is scheduled for July 28, 2025, while the settlement date is set for July 30, 2025. The bonds are priced at N1,000 per unit, with a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter. Interest payments will be made twice a year.
As revealed in the circular, upon reopening previously issued bonds, successful bidders are required to pay a price corresponding to the yield-to-maturity that clears the volume being auctioned. In addition to the bid price, investors will also pay any accrued interest on the bond.
The DMO advised interested investors to contact any of the authorised Primary Dealer Market Makers (PDMMs) to indicate their interest.
