The DMO released a statement stating that the initial offer is a N90 billion April 2029 FGN bond with an interest rate of 14.55% annually (10-year re-opening).
The second offering is a N90 billion June 2033 FGN bond with an interest rate of 14.70% annually (10-year re-opening).
Additionally, there is the N90 billion June, 2038 FGN bond, which has a 15-year reopening period and an interest rate of 15.45% annually.
The fourth offer is a June 2053 FGN bond with a 30-year reopening period and a value of N90 billion, with an interest rate of 15.70 percent annually.
Dec. 11 is the day of the auction, and Dec. 13 is the settlement date.
"They are available for N1,000 each unit, with a N50 million minimum subscription required. After that, they are sold in multiples of N1,000.
Successful bidders for re-openings of previously issued bonds will pay a price equal to the yield-to-maturity bid that clears the volume up for auction, plus any interest that has accumulated on the instrument, according to the DMO.
It said that the bullet repayment for the FGN bond was due on the maturity date, and interest was paid semi-annually.
The DMO guaranteed that FGN bonds, together with all other FGN instruments, were secured by the Federal Government's entire confidence and credit and backed by Nigeria's general assets.
According to the Trustees Investment Act, they are acceptable as securities in which trustees may invest.
"Be eligible for tax exemption for pension funds, among other things, by qualifying as government securities under the terms of the Company Income Tax Act and the Personal Income Tax Act.
"They are listed on FMDQ OTC Securities Exchange and Nigerian Exchange Limited."