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Nigeria to sell 65 billion naira in 10-yr bonds

Category: Money Market

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Nigeria to sell 65 billion naira in 10-yr bonds

November 10, 2011

Nigeria plans to sell 65 billion naira (411 million) in 10-year sovereign bonds with different maturity dates on Nov. 16, at its eleventh monthly debt auction this year, the Debt Management Office said on Thursday. 

The debt office said it will sell 35 billion naira of 10-year paper due to mature in 2018 and 30 billion naira in the 10-year paper maturing in 2019. 

All are re-openings of previous issues and the results of the auction will be published the following day, it said. 

The 2018 instrument has a term to maturity of six and half years, while the 2019 has a term of seven years, eleven months. 

Nigeria, sub-Saharan Africa's second-biggest economy, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.  ($1 = 158 naira)


Source: Reuters / (Reporting by Oludare Mayowa; Editing by Tim Cocks/Ruth Pitchford) ((Lagos, newsroom;

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