July 06, (THEWILL) – The Federal Government is targeting to raise between N630bn to N720bn from the bond market in the third quarter of 2022.
The Debt Management Office (DMO) disclosed this on Wednesday, in the FGN bond issuance calendar for the third quarter of 2022.
The calendar shows that the DMO will reopen nine previously issued FGN Bonds between July and September.
According to the calendar, on July 18, the DMO will reopen a 13 percent, March 2025 FGN Bond valued at between N70 billion to N80 billion. It has a maturity date of two years, eight months, with original 10-year tenor.
Also on July 18, the DMO will re-open a 12.5 percent, April 2032 FGN Bond valued at between N70 billion to N80 billion. It has nine years, nine months term-of-maturity; with 10-year original tenor.
The office will, again, reopen a 13 percent, Jan. 2042 FGN Bond valued at between N70 billion to N80 billion on the same date. It has 19 years, six months term-of-maturity, and an original tenor of 20-year.
On Aug. 15, the DMO will re-open the 13.53 percent, March 2025 FGN Bond, valued at between N70 billion to N80 billion, with two years, seven months as term-of-maturity. It has an original tenor of 10-year.
On the same date, it will reopen the 12.50 percent, April 2032 FGN Bond, valued at between N70 billion to N80 billion; with a term-of-maturity of nine years, eight months. It has a 10-year original tenor.
Again, on Aug. 15, it will reopen the 13 percent, 2042 FGN Bond, valued at between N70 billion to N80 billion; with 19 years, five months as term-of-maturity. It has a 20-year original tenor.
The calendar also shows that, on Sept. 19, the DMO will again reopen the 13.53 percent, March 2025 FGN Bond, valued at between N70 billion to N80 billion. It has two years, six months term-of-maturity and 10-year original tenor.
Again, on Sept 19, the DMO will reopen 12.50, April 2032 FGN Bond valued at between N70 billion and N80 billion, with nine years, seven months as term-of-maturity. It has a 10-year original tenor (length of time).
On the same date, the office will, again, reopen the Jan. 2042 FGN Bond valued at between N70 billion to N80 billion; with 19 years, four months as term-of-maturity. It has an original tenor of 20-year.
Re-opening a Bond issue refers to issuance of additional amounts of a previously issued Bond.
However, while re-opened Bonds have the same maturity date and interest rate as the original bonds, they are sold on different dates and usually at a different price.
The DMO, however, said that the calendar was provisional and could be subject to change at short notice.
