Nigeria to raise 70 bln naira in 3, 20-year bonds

Nigeria plans to raise 70 billion naira ($429.90 million) in bonds with maturities of three years and 20 years at its monthly debt auction on Sept. 11, the Debt Management Office said on Wednesday.

Abraham Nwakwo of DMO

   The debt office said it would issue 35 billion naira each in debt notes maturing in August 2016 and July 2030 respectively, using the Dutch Auction system.
   The notes are re-openings of previous issues.
   The August 2016 debt was issued at 13.05 percent, while the July 2030 notes attracted a 13.48 percent yield at the last auction on Aug. 16.
Last month, Nigeria issued 70 billion naira in the same tenor debt note as part of effort to finance the gap in this year's budget
   Nigeria, which has Africa's second most developed bond market, issues bonds at regular monthly auctions to deepen the fixed income market, help lenders manage their liquidity and raise cash to fund the budget.