Federal Government to raise N100b bonds

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The Federal Government has concluded plans to raise N100 billion through the sale of bonds at an auction on October 17. The bonds will have between 3 and 20 years maturity period, Debt Management Office revealed today.

The Debt Management Office said “successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.”

The debt notes which will be soled using the Dutch Auction system were divided into different categories based on the period of maturity. Debt Office said N15 billion will be raised through 3-year bonds, N50 billion in the 10-year bond and N35 billion is expected to be raised via 20-year bonds

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