DMO to sell bonds worth N50bn

The Debt Management Office (DMO) on Thursday said it would sell bonds worth N50 billion.
The bonds comprise N25 billion of three-year paper and N25 billion in the 10-year paper.
This is contained in the DMO March 2014 FGN Bond Offer Circular, posted on the company’s Website.
The circular indicated that the bonds would mature in August 2016 and March 2024, respectively.
It said that both would be auctioned on April 23 with settlement dates of April 25, this year.
It added that the three-year and 10-year bonds were re-opened.
The DMO also said that the 2016 instruments attracted 13.05 per cent and 14.20 per cent coupon rates respectively.
The sale is the fourth monthly debt auction for 2014.
It will be recalled that the DMO on March 6 issued two tranches of Federal Government bonds, totaling N90 billion to investors.
The bonds had tenors between three and 10 years with coupon rate of 13.05 per cent and 10.00 per cent, respectively