The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria, has announced plans to auction N300 billion worth of bonds to investors later this month.
As revealed in a circular released on Thursday, the auction is scheduled for May 26, 2025, with the settlement date slated for May 28, 2025.
The offering consists of two categories of reopened bonds: a N100 billion reopening of the 19.30% Federal Government of Nigeria (FGN) bond set to mature in April 2029, with a five-year tenor.
The second is a N200 billion reopening of the 19.89% FGN bond maturing in May 2033, offering a nine-year tenor.
The bonds are priced at the rate of N1,000 per unit, subject to a minimum subscription of N50,001,000. Subsequent purchases must be made in multiples of N1,000. Interest will be paid semi-annually.
As reopened issues, the coupon rates, 19.30% and 19.89%, have already been set. Successful bidders will pay a price based on the yield-to-maturity that clears the auction, including any accrued interest.
The bonds are backed by the full faith and credit of the Federal Government of Nigeria, providing security of funds to investors.
The DMO also confirmed that the bonds are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange, encouraging interested investors to contact authorised Primary Dealer Market Makers (PDMMs) for participation.
