DMO to raise N70bn bonds

The Debt Management Office (DMO) has planned to raise N70 billion worth of bonds in two categories on July 15.

The DMO, in its bond circular posted on its Website on Tuesday, said the two categories include a 20-year and a five-year bonds.

It said it would issue N30 billion worth of 20-year bonds and N40 billion for the five-year bonds.

It said the two categories of bonds would mature in July 2034, and February 2020 respectively.

The DMO said that the two categories of bonds would open with different coupon rates.

'The 20-year and five-year bonds will have coupon rates of 12.45 per cent and 15. 54 per cent,' it said.