The Federal Nigeria plans to sell N70 billion ($444.59 million) worth of sovereign bonds ranging between five and 10 years at its regular auction on May 16, the Debt Management Office (DMO) said yesterday.
The debt office, according to Bloomberg news, said it would sell N35 billion each in the five-year and 10-year paper with term-to-maturity of four years and 11 months and nine years and eight months.
Both bonds are due to mature in 2017 and 2022 and are re-openings of previous issues.
“The DMO reserves the right to alter the amount allotted in response to market conditions,” The debt office said in a statement sent to Reuters by e-mail.
Nigeria, Africa’s second-biggest economy after South Africa, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.