BY BUKOLA IDOWU,Lagos
The Debt Management Office(DMO) has raised N2.755 billion from the federal government of Nigeria(FGN) savings bond in the first quarter of the new yield.
This invariably means the DMO realised the N2.755 billion from FGN savings bond subscription in January, February and March, 2021.
To this end, DMO has now opened subscription for the April federal government of Nigeria(FGN) savings bond raising the yields on the bonds slightly.
Coupon on the savings bond has been on the rise since the beginning of the year rising from two per cent to five percent. In the subscription offer issed by the DMO, the 2-year bond was issued at 5.522 per cent while the 3-year bond was issued at 6.522 per cent.
Last month, the 2 year bond had been issued at 5.181 per cent and the DMO had raised N357.419 million from 76 offers while N504.244 million had been raised from the 3-year bond in 144 offers..
The largest volume and value had been in February where N1.124 billion had been raised through the 3-year bond in 172 subscription with a coupon of 5.214 per cent while N673.12 million had been raised through the 2-year bond which had a coupon of 4.214 per cent.
Investors interest in the savings bond had been at the lowest in January due to a slow start of the economy and the low interest on the bonds issued. The DMO had offered the 2-year bond at 2.197 per cent while the 3-year bond at 3.197 per cent.
The debt office had raised N18.14 per cent from the 2-year bond while it raised N78.05 million through the 3-year pa