The Debt Management Office released the FGN Bond Issuance Calendar for Q1, 2018 on Wednesday.
According to the DMO, the Calendar is intended to enable investors plan their investment activities for the quarter as well as raise funds for the Government. The FGN Bonds have a wide range of investors, both domestic and international, and the Issuance Calendar is one of the key information requirements used for planning their activities.
The Calendar shows that the DMO plans to raise between N315 and N385 billion from FGN Bond Auctions during the Quarter through three Bonds, the 14.50% FGN JUL 2021, the 16.2884% FGN MAR 2027 and a new 7-year Bond. The 2021 and the 2027 are Benchmark Bonds which are actively traded. The offer of 3 different tenors is aimed at meeting investors’ varying needs.
The DMO stated that its Domestic Issuance Programme for the year is structured to ensure that the funds required to finance the budget deficit will be fully provided over the course of the year as required by its mandate, while also ensuring that the FGN Securities market is efficient, robust and very liquid.
FGN Securities have provided an avenue for the market-based financing of the Government’s operations, while also leading in initiatives that have led to the development of other segments of the financial market, particularly the corporate sector.