Fed Govt lists N294m savings bonds

Posted By: key2naira | 7th October 2020 | 0 | 39

Fed Govt lists N294m savings bonds

The Federal Government yesterday listed its latest savings bonds on the Nigerian Stock Exchange (NSE), paving the way for bondholders to trade on their investments.

The Debt Management Office (DMO), which oversees sovereign debt issuances, listed a N91.62 million 3.501 per cent Federal Government of Nigeria Savings Bonds (FGNSB) with maturity in September 16, 2022. It also listed a N202.665 million 4.501 per cent FGNSB with maturity in September 16, 2023.

The two bonds were issued last month in continuation of government’s FGNSBs issuance. The coupon for the bonds will be paid quarterly on December 16, March 16, June 16 and September 16.

The FGNSB was introduced in 2017 as a mass instrument for nationwide mobilisation of savings and investments. Minimum subscription to the FGNSB is usually N5,000 while the bond pays coupon or interest rate quarterly.

GTI Securities Limited, one of the authorised distribution agents for the FGNSB, noted that the savings bonds would help to deepen national savings culture while providing opportunity to all Nigerians irrespective of income level to contribute to and benefit from national development.

According to the stockbroking firm, FGNSB enables all Nigerians opportunity to participate in and benefit from the favourable returns available in the capital market.

GTI Securities noted that the savings bonds are acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.

“The bond will be listed on the Nigeria Stock Exchange for trading and provides liquidity for investors who want to exit before maturity,” GTI Securities stated.

It noted that the savings bonds are good for savings towards retirement, marriage, school fees and house projects among other targets while assuring on its safety as the bonds are backed by the Federal Government.

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Fed Govt lists N294m savings bonds

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