Nigeria to raise 100 bln naira via bond next week -debt office

Nigeria's Debt Mangement Office (DMO) said on Tuesday it plans to sell 100 billion naira worth of bonds with maturities ranging from 5 to 10 years at an auction on Oct. 25.
The debt office said it will auction 50 billion naira in the debt maturing in 2021 and 2027 paper, using a Dutch auction system.
The bonds are reopenings of previously issued debt notes, the debt office said, noting that the results of the auction will be released the following day.
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.
"Successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument," the debt office said.