The Debt Management Office, DMO, has said that Nigeria raised N90 billion in local currency denominated bonds maturing in 2020 and 2026 at an auction on Wednesday, paying lower yields than at the auction held in January.
The debt office said it sold N40 billion of 2020 paper at 12.19 percent against 12.24 percent at last month’s auction, while it raised N50 billion in the 2026 debt with a return of 12.39 percent, compared with 12.50 percent at its first issue last month.
The 2020 bond also reopened, was first issued in February last year.
Subscriptions from investors stood at N234.25 billion compared with N149.43 billion at the last auction.
The debt office proposed to issue N260 billion to N390 billion in 5-, 10- and 20-year naira bonds in the first quarter of the year.
Africa’s biggest economy issues local bonds as part of measures to finance the government budget deficit and also help to manage liquidity in the banking system.
Nigeria said it would borrow about N900 billion locally to finance part of the N2.2 trillion deficit in its 2016 budget.
Follow Us