The Federal Government has offered for subscription a two-year savings bond at 13.18 per cent and three-year savings bond at 14.18 per cent, the Debt Management Office (DMO) has said.
According to The Nation, the offer circular derived from the DMO website, the two-year bond will be due in May 2019 while the three-year bond will be due in May 2020.
It, however, did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.
The website said that the bond was fully backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.
The savings bond issuance is expected to help finance the nation’s budget deficit.
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