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Submission: On January 16 via api from ZA — Scanned from DE
Submission: On January 16 via api from ZA — Scanned from DE
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55 Close the Ad Skip to content Search for: Menu Search for: * News * Politics * Sports * City Beats * Business * Entertainment * Columnists * Sunday * Monday * Tuesday * Wednesday * Thursday * Friday * Saturday * Opinion * About us * Advert Rates * News * Politics * Sports * City Beats * Business * Entertainment * Columnists * Sunday * Monday * Tuesday * Wednesday * Thursday * Friday * Saturday * Opinion * About us * Advert Rates FED GOVT RAISES N533M IN MAIDEN 2023 BONDS Our Reporter * * * January 16, 2023 The Federal Government has raised N533.03 million in its maiden bond issuance in the year, as the government begins the long haul to bridge the N11.34 trillion 2023 budget deficit. Data obtained at the weekend indicated that the government, through its debt issuance and management agency, Debt Management Office (DMO), allotted new savings bonds worth N533.03 million to investors last week. Playback speed 1x Normal 00:00/01:00 Skip A breakdown indicated that the government, under its Federal Government of Nigeria Savings Bond (FGNSB), allotted N145.42 million bonds with two-year tenor and N387.61 million bonds with three-year tenor. Compared with similar debt issuance last December, the January 2023 allotment indicated that allotment for two-year bonds decreased by 51.17 per cent compared to N297.81 million allotted in December 2022 while allotment for three-year bonds declined by 57.34 per cent when compared with N908.65 million allotted in December 2022. The government offered the January 2023 two-year sovereign retail bond at a coupon of 9.6 per cent yearly, 21.7 per cent below the 12.255 per cent offered on similar bond last December. It also offered three-year FGNSBs at a coupon of 10.6 per cent yeearly, 20.03 per cent below 13.255 per cent offered for similar bond last December. While more investors appeared to favour the longer-tenored issuance, the number of successful subscriptions also declined considerably in January 2023 when compared with December 2022. Successful subscribers for two-year FGNSBs dropped from 153 in December 2022 to 88 in January 2023 while that of three-year bonds dropped from 294 in December 2022 to 2025 in January 2023. The January 2023 issuance was the 67th tranche of the savings bond, introduced in 2017. The coupons or interest rates for the new issuances, which are traditionally paid quarterly, would be paid on April 11, July 11, October 11 and January 11 respectively. The FGNSBs are designed to have most of the features of the existing sovereign bond but with other benefits to the bondholder, including low amount of minimum subscription, listing on stock exchange and trading on the bonds. Error loading media Milano, Cinque Terre & Lago Di Como unstick Share this video Copy PausePlay 00:00% Buffered5.756630265210609 PreviousPausePlayNext Live 00:00 / 01:55 UnmuteMute SettingsExit fullscreenFullscreen Copy video url Play / Pause Mute / Unmute Report a problem Language Back Default English Español Українська Русский Share Back Facebook Twitter Linkedin Email Vidverto Player It will also be backed by the full faith of the Federal Government of Nigeria and is therefore deemed risk-free. The coupon is paid on a quarterly basis, providing investors with a regular stream of incomes. The FGNSB was introduced in 2017 as a mass instrument for nationwide mobilization of savings and investments. Minimum subscription to the FGNSB is usually N5, 000 while the bond pays coupon or interest rate on a quarterly basis. Usually, the minimum subscription to the bonds, offered at N1,000 per unit, is N5,000 or five units and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million. GTI Securities Limited, one of the authorised distribution agents for the FGNSB, had explained that the savings bonds 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 bonds are usually listed on the stock exchange for trading, thus providing liquidity for investors who want to exit before maturity. 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