Nigeria Plans N135bn In Bonds – DMO



The Debt
Management Office says Nigeria plans to raise 135
billion naira ($429.25 million) in naira-denominated bonds at
its April 12 debt auction, the fourth this year.

The debt office said it would raise 35 billion naira in
bonds due to mature in 2021, 50 billion naira maturing in 2027,
and 50 billion naira due in 2037, using a Dutch auction system.

Settlement is expected on the day following the issue. The
bonds are reopenings of previous issues, except the 2037 bond
which is a new issue.

Africa’s biggest economy auctions sovereign bonds on a
monthly basis to help fund its budget deficit, support the local
debt market and maintain a benchmark for companies to follow.

Nigeria expects a 2.36 trillion naira budget deficit for
2017, with half of it funded through domestic borrowing.

At the last two auctions, the debt office sold more bonds
than expected due to an increased demand for the local debt by


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