LAGOS Oct 12 (Reuters) – Nigeria plans to sell 55 billion naira ($346.13 million) in 3-year, 5-year and 10-year sovereign bonds on October 19, at its tenth monthly debt auction this year, the Debt Management Office said on Wednesday.

The debt office said it would sell 8.0 billion naira of the 3-year maturity, 17 billion naira of 5-year and 30 billion naira of 10-year bonds, which are due to mature in 2014, 2015 and 2018, respectively.

All are re-openings of previous issues and the results of the auction will be published the following day.

“Kindly note that for re-openings of previously issued bonds (for which the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus accrued interest from the original issue date,” the debt office said in a statement.

Dealers said they expect that the recent hike in the central bank’s benchmark interest rates would be reflected in the outcome of the auction.

Nigeria, sub-Saharan Africa’s second-biggest economy, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit. ($1 = 158.900 Nigerian Naira)

Source: Reuters (Reporting by Oludare Mayowa; Editing by Joe Brock)