The federal government has offered for subscription a two-year and three-year Savings Bonds to investors at 13.535 per cent and 14.535 per cent, the country’s debt management office has confirmed.
The two-year bond would be due in August 2019 while the three-year bond has a maturity date of August 2020. It has a minimum subscription of N5,000 and a maximum subscription of N50 million, with increasing multiples of N1,000.
The bond will attract quarterly coupon payments to bondholders and is completely backed by “the full faith and credit of the federal government”, according to the debt office.
Dubbed the FGN Savings Bond by the Nigerian government, the retail bond initiative was launched in March this year and is “targeted primarily at retail investors to enable them to contribute to the development of the country, while also earning good returns on a safe investment in a sovereign instrument.”