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DMO Opens FG’s August Savings Bonds Offering To Investors

The Debt Management Office (DMO) has announced the opening of the Federal Government’s August savings bond offer to investors, stating that the offering will close on August 6.

The DMO, in a circular posted on its website on titled ‘FG savings bond offer for subscription August, 2021’ indicated that the offering was for two-year and three-year savings bonds.

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

The DMO stated that while the settlement date is August 11, the bonds have coupon dates of November 11, February 11, May 11, and August 11.

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.

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