FG to auction N75 billion of bonds on July 18

Channels Television  
Updated July 12, 2012

The Federal Government on Thursday said itĀ  plans to raise about N75 billionĀ  through sovereign bonds ranging between 5 and 10 and its regular auction on July 18.

This was made known on by the Debt Management Office(DMO) in Abuja.

The debt office said it would sell N25 billion each in the 5-, 7- and 10-year paper with term-to-maturity of four years and eight months, six years and 10 months, and nine years and five months respectively.

According to the Debt office “The DMO reserves the right to alter the amount allotted in response to market conditions,”
Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

The bonds are re-openings of previous issues.