September 2020 FGN Savings Bonds Offer for Subscription

Proshare

Monday, September 07, 2020  / 08:29 AM / DMO / Header Image Credit: Brand Spur


Proshare Nigeria Pvt. Ltd.


Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates:

 

2-Year FGN Savings Bond due September  16, 2022: 3.501% per annum

 

3-Year FGN Savings Bond due September   16, 2023: 4.501%  per annum

 

Opening Date:                                  September   7, 2020

 

Closing Date:                                    September   11, 2020

 

Settlement Date:                              September   16, 2020

 

Coupon Payment Dates:                 December 16, March 16, June 16, September 16

 

Summary of the Offer 

Issuer 

Federal Government of Nigeria ("FGN")

 

Units of Sale 

N1,000 per unit subject to a minimum Subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.

 

Interest Payment 

Payable Quarterly

 

Redemption 

Bullet repayment on the maturity date

 

Status 

1.       Qualifies as securities in which trustees can invest under the Trustee Investment Act.

2.   Qualifies as Government securities within the meaning of Company Income Tax Act ("CITA") and Personal Income Tax Act ("PITA") for Tax Exemption for Pension Funds, amongst other investors.

3.      Listed on The Nigerian Stock Exchange.

4.      Qualifies as a liquid asset for liquidity ratio calculation for banks.

 

Security 

Backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.  


Interested investors should contact the stockbroking firms appointed as distribution agents by the debt management office.


Proshare Nigeria Pvt. Ltd.


Related News

  1. Fixed Income Market Close The Week With Improved Demand
  2. Local Demand Crawls Back In The Fixed Income Market As CBN Continues To 'Test' FX Demand
  3. CBN BDC Sales: Speculative Supply Hit The Streets Bringing Parallel Market Exchange Rates Down
  4. Anchoria Fixed Income Monitor: Average Money Market Rates Rose by 12.09% to Settle at 14.40%
  5. Dangote Cement Series 17 and 18 Commercial Paper Now Open
  6. Average Yield Advances 47bps on Sell-offs, PMA Oversubscribed
  7. Chapel Hill Denham Nigeria Real Estate Investment Trust Series I Offer of Up to N20.3bn Now Open
  8. CardinalStone's Debut Commercial Paper Issuance Records 148% Subscription
  9. NSE Lists 9.80% FGN JUL 2045 Bonds Issued in July 2020
  10. Treasury Bill Auction Holds Wednesday August 26th, 2020

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP