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Nigeria to sell 130 bln naira bonds

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Nigeria plans is raising 130 billion naira ($427 mn) from its third debt sale this year effective March 15.
The Debt Management Office said it would issue 45 billion naira in bonds due in 2021, 50 billion naira maturing in 2027, and 35 billion naira due 2036, using the Dutch auction system which begins with a high asking price that is lowered until the bond is sold.

Settlement is expected on the day following the issue. The bonds are reopenings of previous issues, except the 2027 which is a new issue.

Nigeria, Africa’s biggest economy auctions sovereign bonds monthly to help fund its budget deficit, support the local debt market and to maintain a benchmark for companies to follow.
Nigeria expects a 2.36 trillion naira budget deficit for 2017, with half of it funded through domestic borrowing.

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