Nigeria auctions 70 bln naira bond at lower yields

Nigeria raised 70 billion naira ($352 million) at lower yields across all tenors during a bond auction on Wednesday, the Debt Management Office (DMO) said on Thursday.
The debt office said in a notice the total subscriptions stood at 184.72 billion naira, compared with 119.14 billion naira at the last auction.
The office said it had sold 20 billion naira worth of the 5-year bond at 14.44 percent, down from 16.49 percent at its previous sale on March 11.
The 10-year paper was sold at 14.22 percent against 16.84 percent previously, raising a total of 25 billion naira, while 25 billion naira worth of the 20-year debt note was sold at a yield of 14.45 percent compared with 16.99 percent previously.
The low yield at the auction was in tandem with prevailing yields at the secondary market, which have been falling after Nigeria held peaceful national elections.