Nigeria To Raise 100 Bln Naira From Bonds Sales On Jun 26

Nigeria plans to raise 100 billion naira worth from the sales of domestic bonds at an auction on June 26, as part of measures to finance the 2019 budget deficit, the Debt Management Office (DMO) announced on Tuesday.

The debt office said it plans to raise 30 billion naira from the sales of the five-year bond, 40 billion naira from the 10-year paper and 30 billion naira from its 30-year debt note.
The debt are reopening of the previously issued paper, the debt office said in a statement posted on its website.
"For Re-openings of previously issued bonds, (where the coupon is already set), 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 DMO said in its statement.
The 30-year Bond was first offered to the market in April as part of its debt strategy to promote longer-tenor debt and meet the preference of institutional investors, including pension and other Fund managers.
Demand for the longer tenor paper has been overwhelming as investors oversubscribed to the paper at the last two auctions.

Nigeria plans to borrow 1.64 trillion naira to finance the 2019 budget deficit of 1.86 billion naira from both domestic and external sources.