The Debt Management Office has opened the offer for subscription for the November sales of the Federal Government Savings Bond at an interest slightly higher than what it offered at the October sales.
The sale of the bond will run till Friday November 10, 2017.
In the circular announcing the offer for subscription, the debt office said it would issue the two year paper at 12.091 per cent while the three year bond will be issued at 13.091 per cent.
This is slightly higher than 12.059 per cent and 13.059 per cent which it paid on the two and three year Savings Bond at the October auction.
The debt office had last month raised the least amount so far since it began issuing the Savings Bond which targets low income earners.
In October, it had raised N389.19 million the least amount raised since the first auction in March this year.
The rates in October had also been the lowest so far.
As at yesterday, Treasury Bills rates range between 14 and 17 per cent, while the last Federal Government Bond sale of October had been at 14.5 and 16.2884 per cent for the five and 10 year bond reopenings.
In total, N6.694 billion had been raised in the eight auctions that had been held by the debt office.
A breakdown of the data sourced from the Debt Management Office showed that the initial auction of the Savings Bond still had the largest participation.
At the first auction in March, the debt office had raised N2.068 billion from the 13.01 per cent two year debt.
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By the April auction, it offered a three year debt with the yield on the two year paper lower than the previous auction.
It had raised N1.288 billion through the 12.794 per cent two year paper and 13.794 three year paper.
In May it raised N791.15 billion with yields rising to 13.189 per cent for the two year paper and 14.189 per cent for the three year paper.
The yield remained the same in June but the amount raised dropped to N607.26 million.
However an increased yield failed to spike interest in July as only N400.57 million was raised from the two and three year paper although the yield for the papers were raised to 13.386 and 14.836 per cents respectively.
By August, investors’ interest in the savings bond increased along with the yield offered.
The two year bond was offered at 13.535 per cent while the three year bond was offered at 14.535 per cent and the debt office was able to raise N738.14 million through the Savings Bond.
At the auction held in September, the DMO had raised N412.7 million from both the 13.817 per cent two year paper and the 14.817 per cent three year paper.
The DMO had made its first payment on the Savings Bond paying out N67.813 million.
