Nigeria sells 85 bln naira in 3-, 10-yr bond

CBN Gov, Emefiele

Nigeria sold a combined 85.17 billion naira ($521.33 million) in three-year and 10-year bonds to mostly local pension funds and some offshore investors, the Debt Management Office (DMO) said on Thursday.
DMO said it sold 30 billion naira worth of 3-year bonds at an 11.35 percent yield, up from the 11.09 percent the same tenor fetched at an auction last month.
A total of 50 billion naira was sold in the 10-year paper at 12.24 percent, down from 12.54 percent at the previous auction. In addition, the DMO issued 5.17 billion naira in 10-year bonds on a non-competitive basis to the central bank.
Nigeria had initially offered to sell 35 billion naira each in the 3-year and 10-year papers.
Demand at the auction stood at 204.53 billion naira, lower than 239.03 billion naira received at last month's auction.