In a bid to bridge the 2024 budget deficit, the federal government is targeting N150 billion from the bond market in September 2024.
The auction by the Debt Management Office (DMO) is scheduled for September 23, 2024 and will be settled on September 25, 2024 and it represents one of the smallest bond offers in 2024 as it is about 21% lower than the amount N190 billion offered in August 2024.
The bonds on offer are re-openings of previously issued instruments. They include a N70 billion tranche of the 19.30% FGN APR 2029 (5-year bond), a N50 billion tranche of the 18.50% FGN FEB 2031 (7-year bond), and a N30 billion tranche of the 19.89% FGN MAY 2033 (9-year bond).
