The Debt Management Office, (DMO) has announced plans to raise N75 billion through the sale of bonds with maturities of between five and ten years at its regular auction on August the 15th.

In a public notice released on Friday, the DMO said it would sell N25 billion apiece of five-, seven- and 10-year bonds with terms to maturity of four years and seven months, six years and nine months, and nine years and four months in that order.

The debt instruments are re-openings of previous issues.

The debt office added that it reserves the right to alter the amount allotted in response to market conditions.

The DMO issues sovereign bonds monthly to support the local bond market to create a benchmark for corporate issuance and to help the Federal Government fund its budget deficit.