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The Debt Management Office (DMO) has opened subscription for the federal government’s savings bond for the month of March, issuing two and three year instruments at lower rates, compared to auctions held in January and February this year.

The debt office issued the two and three year for the month of March at 11.62 and 12.26 per cent, lower than the 12.05 per cent and 13.05 per cent the two-year and three-year instruments issued in February.

According to the offer circular obtained from the DMO website yesterday, the two-year bond would be due in March 2021, while the three-year bond would mature in March 2022.

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 thereafter, subject to a maximum subscription of N50,000,000

The debt office had in January this year, issued the two-year bond due January 16, 2021 at 12.125 per cent, lower than 12.402 per cent which it issued it last month, while the three-year bond is being issued at 13.125 per cent lower than 13.402 per cent in December last year

Average yields on the FGNSB had declined from 13 per cent to 11 per cent this year as the amount raised at each auction declined progressively. At the debut auction, the DMO had raised N2.06 billion through the two-year bond

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