FG Targets N450b from Bond Market in Q3

July 5, 2017
FG Targets N450b from Bond Market in Q3

FG Targets N450b from Bond Market in Q3

By Modupe Gbadeyanka

Nigeria is planning to raise about N450 billion from the domestic bond market in the third quarter of 2017.

This information was revealed on Tuesday, July 4, 2017, by the Debt Management Office (DMO).

According to provisional calendar of the exercise released on its website, the debt office said the local bond auction would be carried out between July and September.

Specifically, the first auction would be done on Wednesday, July 12, 2017, while the second exercise will take place on Wednesday, August 23, 2017, and the last bond auction holds on Wednesday, September 20, 2017.

From the three exercises, the Federal Government would be hoping to realise from N360 billion to N450 billion in sovereign bonds maturing between five and 20 years.

A further analysis revealed that the auction would be around N90 to N120 billion for the five-year note and N135 to N165 billion for the 10-year and 20-year papers.

Furthermore, the provisional calendar, cited by Business Post, showed that the five-year note would be offered at 14.50 percent maturing in July 2021, while the 10-year and 20-year papers would be offered at 16.2884 percent and 16.2499 percent respectively.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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