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Nigeria to auction 84 bln naira in local debt

14 June 2012, 13:29

 Lagos - Nigeria plans to sell 83.91 billion naira worth of sovereign bonds ranging between 5 and 10 years at its regular auction on June 27, the Debt Management Office (DMO) said on Thursday.

The office said it would sell 30 billion naira each in 5-year and 7-year paper, while it plans to auction 23.91 billion naira worth of the 10-year instrument.

Two of the bonds, the 5-year and 10-year, are re-opening of previously issued ones, while the 7-year paper is a fresh issue.

The 5-year bond has a term-to-maturity of four years and 10 months, while the 10-year will mature in nine years and seven months time.

"The DMO reserves the right to alter the amount allotted in response to market conditions," The debt office said in a statement sent to Reuters by e-mail.

Nigeria, Africa's second-biggest economy after South Africa, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

- Reuters

Tags economy

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