DEBT MANAGEMENT OFFICE REOPENS BOND OFFER

The Nigerian Debt Management Office (DMO) has reopened two Federal bonds issued last month. They are now to be additionally auctioned next Wednesday February 10.
According to the announcement from the DMO the 5 year tenor 15.54% FGN Feb 2020 and  10 year 12.5% FGN Jan 2026 bonds are to be offered to raise N40 bn and N50bn respectively.
Like for the January offer, minimum  subscription is N10,000 of N1000 per unit and multiples of N1000 thereafter.
This time around the Central Bank of Nigeria is encouraging retail investors to also subscribe to both issues.
They are to state their Central Securities Clearing Systems account numbers in their tender forms for ease of settlement.
Dealing firms have also been urged by the Nigerian stock exchange to:
1) Guide clients through the completion of the tender forms and forward same to the primary dealer market makers
2) Follow up with market makers to ensure auction winnings are lodged with the CSCS.
Investors who need more information on the auction can send email to product management@nse.com.ng.
The market makers stated in the DMO auction document are Access bank, Coronation Merchant bank, Citibank, Ecobank, First Bank, First City Monument Bank, FSDH Merchant bank, Guaranty Trust bank; FBN Merchant bank and StanbicIBTC.
The bonds, says the DMO, are to be redeemed on maturity with interest payable semi annually.

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