Fed Govt, Access Bank list N30.3b bonds
The Federal Government of Nigeria has listed its latest issuances under the Federal Government of Nigeria Savings Bonds (FGNSB) on the Nigerian Stock Exchange (NSE). The Federal Government listed two new issues totalling N295.94 million.
The listing of the sovereign bonds came a day after top-tier bank, Access Bank Plc, listed a corporate bond valued at N30 billion.
The new listings by the government included a two-year N91.11 million 11.15 per cent series 60 bond, which is expected to mature in September 2021 and a three-year N204.83 million 12.15 per cent bond due to mature in September 2022.
Access Bank listed a N30 billion seven-year 15.5 per cent fixed rate subordinated unsecured bond, which is due to mature in 2026.
The Federal Government had, in March 2017, introduced the Federal Government of Nigeria (FGN) Savings Bond (FGNSB) to woo retail investors to the sovereign debt market and deepen capital formation. The minimum subscription was fixed at N5,000 while the maximum was pegged at N50 million. With a fixed quarterly interest payment of above 13 per cent, the FGNSB offers guaranteed return.