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Nigeria Sells N55 bln In Bonds At Mixed Yields

Nigeria sold 55 Nbillion ($320 million) of sovereign bonds with maturities of 3-, 10- and 20-year at an auction on Wednesday, attracting mixed yields amid … Continue reading Nigeria Sells N55 bln In Bonds At Mixed Yields


A photo of currency notes used to illustrate the story.

Money_newNigeria sold 55 Nbillion ($320 million) of sovereign bonds with maturities of 3-, 10- and 20-year at an auction on Wednesday, attracting mixed yields amid a sell-off on the secondary market, the Debt Management Office (DMO) said on Thursday.

The DMO sold N20 billion of 20-year paper at 13 percent, compared with 12.69 percent at the previous auction last month and N25 billion in 10-year bond, at 12.8 percent against 12.79 percent at the previous auction.

A total of N10 billion of the 3-year debt note was sold at 12 percent compared with 12.14 percent at the last auction in October.

All the debt notes are re-openings of previously issues.

Yields on Nigerian bonds have continued to rise at the secondary market as offshore investors exit the market on concerns on falling global oil price and rapidly depreciating local currency.