DMO to sell N70bn worth of bonds on May 14

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The Debts Management Office ((DMO) said on Friday that it would sell N70 billion worth of Federal Government bonds on 14 May.

The DMO in its May 2014 Federal Government of Nigeria Bond Offer Circular said that the three-year and 10-year bonds would be settled on 16 May.

It said that the bonds would mature in August, 2016 and July 2024.

The DMO also said the N70 billion worth of bonds comprise N35 billion of three-year paper and N35 billion in the 10-year paper.

It said the two bonds were re-opened.

According to the DMO, the 2016 and 2030 instruments attract 13.05 per cent and 14.2 per cent respectively as coupon rate.

NAN reports that the sale is the fifth monthly debt auction for 2014.

The DMO had on 15 April, issued two tranches of Federal Government bonds totaling N50 billion to investors.

The bonds have tenors of three to10 years with coupon rates of 10.5 per cent and 12.00 per cent respectively.