The Debt Management Office (DMO) has announced plans to reopen two Federal Government bonds for auction, valued at N350 billion, for subscriptions of N1,000 per unit.

The offers will be auctioned on April 28 and have their settlement date by April 30, DMO said in a statement shared on Wednesday in its verified official X handle page.

It informed that it was authorized to receive applications for bonds in two tranches, with the first being N200 billion for a five-year savings bond due to mature in April 2029, at 19.3 percent per annum.

According to the office, the second tranche is N150 billion for a nine-year savings bond due to mature in May 2033, at an interest rate of 19.89 per cent per annum.

It noted that transactions would be at N1,000 per unit, subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.

DMO added: “For Reopenings of previously issued bonds, (where the coupon is already set), successful bidders would pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.”

DMO also said the interest was payable semi-annually, with the redemption in a bullet payment on the maturity date and that the savings bonds qualify as securities, which trustees can invest under the Trustee Investment Act.