Yields rise over 200 basis points at Nigeria debt auction

Nigeria sold 53.50 billion naira worth of sovereign debt at an auction on Wednesday, where yields climbed more than 200 basis points across the board on paper with maturities ranging between 3-year and 20-year.
The Debt Management Office (DMO) said it sold 7.5 billion naira in the 3-year debt note at 15.49 percent, compared with 12 percent at the previous month's auction. The debt office had initially offered 10 billion naira of the 3-year bond.
It sold 18 billion naira worth of 10-year paper at 15.2 percent, against 12.8 percent at the previous auction, while a total of 28 billion naira of the 20-year note was sold at 15.49 percent, compared with 13 percent last month.
The debt office sold less that the initially advertised amount of the 10-year note, but more of the 20-year bond -- it DMO had initially offered to sell 30 billion of the 10-year bond and 25 billion naira in the 20-year.
Nigerian bond yields have been on the rise since the central bank hiked the benchmark interest rate to 13 percent, while concerns on falling global oil prices have led to sell off by offshore investors in Nigerian debt.