Nigeria's Debt Management Office (DMO) said it will raise 135 billion naira worth in bonds next week Wednesday in continuation of its efforts to borrow from the domestic market to help fund this year's budget deficit.
The debt office said on Tuesday it will raise 35 billion naira in the bond due in 2021 and 50 billion naira apiece in bonds maturing in 2027 and in 2037, using a Dutch auction system.
The bonds are re-openings of previous issues.
Nigeria, Africa’s biggest economy, issues sovereign bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.
It has a series of debt issues lined up this year, including a 100 billion naira debut domestic sukuk which it is marketing to fund road projects and a 20 billion naira “green bond”
The bonds are re-openings of previous issues.
Nigeria, Africa’s biggest economy, issues sovereign bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.
It has a series of debt issues lined up this year, including a 100 billion naira debut domestic sukuk which it is marketing to fund road projects and a 20 billion naira “green bond”
The West African country has projected a budget deficit of around 2.36 billion naira this year and intends to borrow about half of the money from the domestic debt market.
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