Nigeria To Issue 1st 30-year Bond Next Week, To Raise 100 Bln Naira Debt

Nigeria plans to debut with its first 30-year local bond next Wednesday at an auction where it plans to raise 100 billion naira from the domestic market, the Debt Management Office (DMO) has said.
A data posted on its website showed that the debt office will issue 20 billion naira worth of local bond with 30-year tenor on April 24, in addition to 40 billion naira in 5-year paper.
The debt office will also raise 40 billion naira in 10-year bond, making a total of 100 billion naira to be raised from the domestic market next week.
Head of the DMO has revealed last month that the West African country intends to issue its first 30-year paper this year without disclosing the time.
The 30-year and 5-year bond are fresh issues while the 10-year paper are reopening of the previously issued debt.
Patience Oniha, head of the DMO said two weeks ago said the new 30-year bond would be attractive to long-term investors and would help in “developing the domestic capital market and reducing the re-financing risk” of the government.
Nigeria plans to borrow about 1.649 trillion naira this year to plug the gap in the 2019 budget, half of the money is expected to come from foreign debt while the balance will be raised from the domestic market.