Nigeria Plans To Sell 150 Bln Naira Bonds At Feb 20 auction

Nigeria plans to raise 150 billion naira in sovereign bonds with maturities ranging between 5-year to 10-year at an auction on February 20, as part of measures by the government to fund budgetary deficit, latest notice from the Debt Management Office (DMO) showed.
The debt office in a notice said it will issue 50 billion naira apiece in debt maturing April 2023, March 2025 and February 2028 at an auction.
According to the DMO, all the bonds on issues are reopening of previously issued debt note.
Nigeria, Africa's biggest economy issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
The West African country is planning for a budget deficit of 2.56 trillion naira this year against 1.9 trillion naira spent the previous year.
Prior to the exit of some offshore portfolio investors from the local market, Nigeria's debt was a darling of many foreign fund managers who were attracted as a result of high yields.
However, the uncertainty ahead of the 2019 general election and adjustment of interest rate upward by US federal reserves have lured many FPI away from many emerging markets to developed economies.