DMO issues N54.10b sovereign bonds

THE Debt Management Office (DMO) recently issued N64.10 billion worth of 10-year sovereign bonds with different maturity dates.The Debt Management Office said that it auctioned N34.10 billion in the 10-year bond due to mature in 2018 and N30 billion worth of 10-year instrument maturing in 2019 at its last monthly debt auction of the year.A statement from DMO website stated that the paper, with term to maturity of six years and five months, would be due in 2018.It said that the paper was sold at a 15.93 per cent marginal rate compared to 16.50 per cent at the previous auction.It also said that the bond, with a term to maturity of seven years and 10 months that would be due in 2019, was issued at a 15 per cent marginal rate against 16.50 per cent at the previous auction in November.It said that the total subscription at Wednesday's auction stood at N120.10 billion, lower than the N157.72 billion at the November auction.'The original coupon rates of 10.70 per cent and seven per cent for May 2018 and October 2019 respectively will be maintained,' the statement said. DMO issues N54.10billion sovereign bonds.Meanwhile, the Ministry of Niger Delta Affairs has signed an agreement with an investment company, Ostim Organised Industrial Region, on the establishment ofan organisedindustrial park in the Niger Delta area.A statement by the Deputy Director (Press) of the ministry, Mr. Fidelis Osammor, recently in Abuja said that the Minister of Niger Delta Affairs, Mr. Godsday Orubebe, signed the MoU on behalf of the Federal Government.It added that Mr. Orhan Aydin, the chairman of Ostim Organised Industrial Region, signed the agreement on behalf of his organisation.The statement said that the industrial park would foster a rapid socio-economic transformation of the region.'In order to achieve the objectives of the MoU, the two parties have agreed to form two main committees. The committees will ensure the effectiveness and coordination of the project, while drawing up strategic plans for implementation.'The MoU provides that the ministry shall be responsible for financing the project, while Ostim will provide support on investment,' it said.The statement said that Ostim was expected to use its capabilities, strength and institutional powers to get financial support for the project from international financial institutions.'The industrial park project is targeted at providing employment opportunities for unemployed youths and it will greatly boost the region's economy.'The Akwa Ibom State Government has signified its interest to collaborate with the ministry in the project implementation processes,' the statement said.It said that Orubebe urged other states in the region to also support the project implementation processes.
Click here to read full news..