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HomeTop NewsNigeria to issue N60 bln bonds at last debt auction for 2020~DMO

Nigeria to issue N60 bln bonds at last debt auction for 2020~DMO

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By Oludare Mayowa

Nigeria plans to raise N60 billion in sovereign bond in the domestic market on December 16, its last debt issuance for the year, the Debt Management Office (DMO) said in a statement on Wednesday.

The debt office will raise N30 billion apiece in the 15-year and 25-year tenor paper at its last auction for the year.

The bonds on offer are all a reopening of the previously issued bonds and are qualifies as securities in which trustees can invest under the Trustee Investment Act, the DMO said.

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“For Re-openings of previously issued bonds, (where the coupon is already set), successful
bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume
being auctioned, plus any accrued interest on the instrument,” the debt office stated in the public notice.

Nigeria issue long tenor bond on monthly basis as part of measure to plug its budget spending gap through borrowing on the domestic debt market.

The West African country had proposed to spend N10.89 billion this year with around N5 trillion in deficit to be financed thought domestic and multilateral borrowing.

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