Nigeria to raise N105bn bonds on May 11

Nigeria plans to raise N105 billion in local currency denominated bonds on May 11, the Debt Management Office (DMO) said on Wednesday.

The office said it will sell N50 billion of a bond maturing in 2036, 40 billion of paper maturing in 2026 and 15 billion of debt maturing in 2020, using the Dutch auction system.
Results of the auction are expected to be released on the following day.

All the bonds on offer are reopening of previous issues.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

It plans to borrow about N900 billion locally to finance part of the N2.2 trillion deficit in its 2016 budget.
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