Nigeria government will issue N 20 billion 30-year bond fully backed by the Nigeria Government

April 24, 2019 by  
Filed under Nigeria Stock Exchange

Patience Oniha

The director general of the Debt Management office, Patience Oniha gave a briefing on the plan to issue an N 20 billion 30 year bond that will mature in April 2019, followed by another 10-year issue in the amount of N 40 billion.

‘The 10 years N 40 billion note is expected to mature in April 2023, the rate will 12.75 percent if conditions remain the same”- Patience Oniha.

The proceeds from the bond sales will be used to fund annuity funds, other long term investments, developing the capital market and to reduce re-financing risk of the federal government, Patience Oniha revealed during a press conference that was held on April 4, 2019.

She said the issuance of the bond will meet the needs of annuity funds and other long term investors while also developing the domestic capital market and reducing the re-financing risk of the federal government.

“Another area of focus will be the management of risks associated with the debt stock to mitigate debt service costs,” she added

The units for sale will go for N1,000 per unit, and it’s subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter. The bond will be backed by the full faith and credit of the Nigeria government with interest payable semiannually to bondholders, according to people familiar to the transaction details.

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