14-10-2015 by 
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The Debt Management Office (DMO)  of the Federal Government of Nigeria, (FGN), through the Debt Management Office (DMO) will be auctioning by way of reopening, N40 billion each of the under listed bonds on October 14, 2015.


   N40,000,000,000 - 15.54% FGN FEB 2020 (5-Yr Re-opening)

   N40,000,000,000 - 14.20% FGN MAR 2024 (10-Yr Re-opening)

Based on our analysis and in line with the downward trend in yields, we are of the opinion that the bonds will be sold within the following price range:

  N40,000,000,000 - 15.54% FGN FEB 2020 (5-Yr Re-opening)-------------13.53%-----13.64%

  N40,000,000,000 - 14.20% FGN MAR 2024 (10-Yr Re-opening )--------13.74%------13.85%

We expect the marginal rates to be around 13.58% and 13.8% respectively

October 2015 FGN Bond Offer Circular