The Debt Management Office (DMO) has disclosed plans to raise N110 billion ($553 million) in local currency denominated bonds on April 13, the Debt Management Office (DMO) said on yesterday.

The office said it will sell N50 billion of a bond maturing in 2036, N40 billion of paper maturing in 2026 and N20 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 reopenings of previous issues.

On Monday, the debt office had said it plans to raise between N274 billion and N365 billion naira this quarter in local currency-denominated bonds, with maturities ranging between five and 20 years.

Africa’s biggest crude exporter issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

Nigeria said it will borrow about N900 billion locally to finance part of the N2.2 trillion deficit in its 2016 budget.

The Debt Management office (DMO) plans to raise between N274 billion ($1.4 billion) and N365 billion in local currency-denominated bonds with maturities ranging between five and 20 years in the second quarter of the year, the debt office has
Source: Leadership