FGN bond return calculator. Honest about the premium.
A 22.60% coupon is not a 22.60% return when you pay above par. Enter the coupon, clean price, maturity and nominal; get the yield to maturity, every semi-annual cashflow on its real date, the accrued interest you settle on top, and the pull-to-par capital you give back (or collect) at redemption. Presets carry the 20 July 2026 DMO auction instruments.
From the DMO auction of 20 Jul 2026
Presets price the bond at its auction marginal rate (computed). Source: DMO auction result, 20 Jul 2026.
22.60%
101.00
₦50.0M
₦
Market
Nominal is on the ₦1,000 unit grid and meets the FGN bond primary auction minimum.
Yield to maturity22.33%semi-annual compounding, gross of fees
Simple p.a. (no reinvest)22.14%
Years to maturity8.48
Hold to maturity
settle 2026-08-06 → mature 2035-01-29- Cash to settle (dirty)clean 101.00 + accrued 0.4913 per ₦100
- ₦50,746,667
- Coupons to maturity (17 × semi-annual)22.60% p.a. on nominal, gross
- ₦96,051,921
- Redemption at parbullet repayment on the maturity date
- ₦50,001,000
- Pull-to-par effectpremium you give back as price converges to 100
- -₦500,010
- Total gain over cash paid187.81% total · 22.14% simple p.a., gross, no reinvestment
- ₦95,306,254
Cashflows
17 payments · actual dates| Date | Coupon | Principal | Total |
|---|---|---|---|
| 2027-01-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2027-07-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2028-01-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2028-07-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2029-01-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2029-07-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2030-01-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2030-07-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2031-01-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2031-07-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2032-01-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2032-07-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2033-01-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2033-07-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2034-01-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2034-07-29 | ₦5.7M₦5,650,113 | — | ₦5.7M₦5,650,113 |
| 2035-01-29 | ₦5.7M₦5,650,113 | ₦50.0M₦50,001,000 | ₦55.7M₦55,651,113 |
Assumptions, stated plainly
- Premium bond: you pay 101.00 per ₦100 but redeem at 100.00 — the pull-to-par loss of ₦500,010.00 is real capital you give back at maturity. The coupon of 22.60% overstates your true return; the YTM already nets this out.
- YTM assumes every coupon is reinvested at the YTM itself until maturity. The simple annualised figure assumes NO reinvestment. Your realised return will land between them depending on where you park the coupons.
- Day count: Actual/Actual (ICMA), semi-annual — the convention FGN bond prospectuses specify.
- All figures are GROSS — before broker commission, CSCS/settlement charges, and any taxes that apply to your investor class. FGN bond coupons are CITA/PITA-exempt for most investors per the DMO offer circulars, but execution fees vary by broker and are not modelled here.