FG’s $500m domestic bond believed to be 100% oversubscribed: Rewane

The federal government is believed to have secured $1 billion for the $500m dollar bond issued locally last month, the managing director of Financial Derivatives Company, Bismarck Rewane, has said.

Rewane said this in a presentation delivered on Wednesday at the Lagos Business School Breakfasting Meeting, a copy of which was seen on Saturday by Markets Reporters.

“The diaspora bond is believed to be 100% oversubscribed i.e. $1bn,” he said.

It’s unclear whether the allocation has been done.

On August 19, the Debt Management Office offered for subscription the $500m FGN Dollar Bond at 9.75% per annum for a tenor of five years. The offer, which closed on August 30, was open to Nigerians in and outside the country and qualified institutional investors.