The Debt Management Office-DMO of Nigeria has confirmed plans to sell N70 billion worth of sovereign bonds within a decade of its regular auction on May 16.
The debt office said it would sell N35 billion each in the 5-year and 10-year paper with term-to-maturity of four years and 11 months and nine years and eight months, respectively.
Both bonds are due to mature in 2017 and 2022 respectively 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.
