FGN to sell N90 bn ($552 million) in sovereign bond notes

The Nigerian Federal Government through the debt management office (DMO) will be offering N90 bn ($552 million), in sovereign naira denominated bonds on February 12, 2014, through a bond auction at the primary bond market.

The instruments to be offered at auction are 3yr and 20 yr bonds of N45 billion each.

It will be interesting to see the bid to cover ratios on this offer, in light of the current EM turmoil, and slight pressure on the naira.

The 3year 13.05 16-AUG-2016 currently yield 13.46 percent, while the 10.00 percent 23-JUL-2030 trades at a yield of 13.54 percent, according to data from the Financial Markets Dealers Quotations (FMDQ), website.