By Oludare Mayowa
Nigeria will raise about N150 billion bonds at an auction at the domestic debt market next Wednesday, according to a calendar released by the Debt Management Office (DMO) on Tuesday.
The debt office said it will sell N50 billion apiece across three tenor paper at the auction, its tenth edition this year.
All the debt on offer are reopening of the previously issued paper, the debt office stated, noting that they are all in 10-year, 20- year and 30-year tenor.
The units of sale are N1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.
Nigeria issue bonds monthly as part of measures to finance portion of the budgetary deficit, manage liquidity in the banking system and also provide benchmark rate for corporate issuance.
The country projected to spend about N5.5 trillion deficit this year and half of the money is expected to be raised from the domestic bond market.
Already, the country is seeking to raise about $3.5 billion in Eurobond next month to finance a portion of this year’s budget deficit.