LAGOS, April 19 (Reuters) – Nigeria plans to auction 90
billion naira ($571.68 million) in sovereign bonds
ranging between 3 and 10 years at its regular auction on April
25, the Debt Management Office (DMO) said on Thursday.
The debt office said it would sell 20 billion naira in
3-year paper with term-to-maturity of one year and 11 months, 35
billion each in 5-year and 10-year paper, which are due to
mature in 2017 and 2022 respectively.
Two of the instruments are re-openings of previous issues,
while the 5-year bond is a new issue. The result of auction is
expected to be released the following day.
“The DMO reserves the right to alter the amount allotted in
response to market conditions,” it said in a public notice.
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.
The debt office had on Wednesday announced plans to raise
between 210 billion and 290 billion naira in sovereign bonds
ranging between 3 and 10 years in the second quarter of the
year.
($1 = 157.4300 naira)
(Reporting by Oludare Mayowa; Editing by Joe Brock)
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