December 2018 FGN Savings Bond Offer for Subscription

Proshare

Monday, December 03, 2018 /09:58 AM / DMO

 

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 December 12, 2020: 12.402% per annum

 

3-Year FGN Savings Bond due December 12, 2021: 13.402%  per annum

 

Opening Date:                                  December 3, 2018

 

Closing Date:                                    December 7, 2018

 

Settlement Date:                              December 12, 2018

 

Coupon Payment Dates:                 March 12, June 12, September 12, December 12

 

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.       CBN Sends Hawkish Signals to The Market, Hikes OMO Rate to YTD Highs

2.      Fixed Income Markets Trend Bearish as CBN Hikes OMO Rate

3.      Stop Rates Remain Unchanged As The CBN Successfully Rolls Over Maturing Ntbills

4.      Nigeria’s Access Bank to Repay $400 Million Bond Two Years Early

5.      Fitch Rates Stanbic IBTC Bank Plc's Upcoming Senior Notes 'AAA(nga)(EXP)'

6.      Bearish Market for Nigerian Sovereign Eurobonds as Oil Price Trades Again Below the $60 Mark

7.      Central Bank Conducts Yet Another OMO Auction in a Bid to Manage Excess Liquidity

8.     Treasury Bill Auction Schedule For November 28th 2018

9.      Elevated Liquidity Levels Pressure Rates Lower as PMA Holds on Wednesday

10. Money Market Rate Decreased Marginally as Overnight Rate Fell to 6.58%



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