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HomeBusinessNigeria to raise N225 bln from domestic debt market on Monday

Nigeria to raise N225 bln from domestic debt market on Monday

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Nigeria plans to raise N225 billion from selling sovereign bonds on Monday across three tenor paper, maturing in 2025, 2032 and 2037, the Debt Management Office (DMO) said in a statement posted on its website.

The debt office said it will offer N75 billion apiece for the bonds maturing in 2025, 2032 and 2037 at an auction to be held on September 19, 2022.

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The three tenor debt instruments are reopening of the previously issued bond by the debt office with two 10-year tenors and one 20-year tenor.

“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 said in a statement.

Nigeria usually sell bonds at monthly auction to raise cash to plug the country’s budget deficits, set the benchmark for corporate debt issuance and help banks to manage their liquidity.

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