DMO offers August savings bonds for subscription

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The Debt Management Office has opened the August savings bond offer to investors.

The DMO said in a circular on Monday that it is offering the Federal Government’s two-year and three-year savings bonds.

The circular posted on its website was titled ‘FG savings bond offer for subscription August, 2021.’

According to the circular, the two-year FGN savings bond will be due for redemption on August 11, 2023 at 8.864 per cent per annum, while the three-year offer will be due on August 11, 2024 at 9.864 per cent per annum.

The offer opened on Monday, with a closing date of August 6.

While the settlement date is August 11, the bonds have coupon dates of November 11, February 11, May 11, and August 11, according to the circular.

The units of sale are 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.

The interest rate is payable quarterly with bullet repayment expected on the maturity date.

SOURCE: PUNCH

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