Nigeria will auction 50 billion naira ($317.16 million) in sovereign bonds maturing in 2019 and 2022 on March 28, its third monthly debt auction this year, the Debt Management Office (DMO) said on Wednesday.
The debt office said it would sell 20 billion naira in 2019 paper, and 30 billion naira in the bond maturing in 2022. The instruments are all re-openings of previous issues, with the auction result expected to be released the following day.
“The DMO reserves the right to alter the amount allotted in response to market conditions,” it said in a public notice.
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.
Source: Reuters /Oludare Mayowa
