Nigeria Lists New 25-Year Bond on Stock Exchange
By Dipo Olowookere
The debut 25-year FGN bond tagged 9.80% FGN JUL 2045 Bonds issued last month by the Debt Management Office (DMO) on behalf of the Nigerian government has been listed on the local stock exchange.
The debt instrument was admitted into the Nigerian Stock Exchange (NSE) on Thursday to allow holders of the paper to trade them at the secondary market with ease.
Business Post reports that on Wednesday, July 22, 2020, the debt office auctioned N35 billion worth of the new 25-year FGN bond to investors and as expected, it was well-received.
At the next bond sale last Wednesday, the DMO increased the value it offered for sale, N45 billion and it was oversubscribed as 46 bids valued at N46.4 billion were received from bidders.
Yesterday, the notes were brought to the exchange for listing and according to the circular issued by the Head of Listings Regulation at the NSE, Mr Godstime Iwenekhai, N75 billion worth of the paper were listed on the bourse.
“Dealing members are hereby notified that the July 2020 issue of the Federal Government of Nigeria’s (FGN) 9.80% JUL 2045 Bonds were listed on the Nigerian Stock Exchange today, Thursday, August 27, 2020,” Mr Iwenekhai said in the notice.
He said the symbol code of the bond is FG172045S3, while the ISIN is NGFG172045S0 and the issue quantity is 75 million units at a unit price of N1,000.
The coupon rate of the debt instrument is 9.80 per cent, while the coupon payment dates are every January 24 and July 24, with the maturity date at July 24, 2045.