BUSINESS NEWS REPORT – The latest report reaching us as Nigeria plans to auction 135 billion naira ($442 million) in bonds next week, the Debt Management Office said on Tuesday. It is gathered that the debt office plans to sell 35 billion naira of bonds due in 2021 and 50 billion naira each of bonds due in 2027 and in 2037, using a Dutch auction system.
Settlement is expected two days after the sale. The bonds are re-openings of previous issues.
The central bank on Wednesday announced plans to sell 140.9 billion naira worth of Treasury bills at an auction next week.
Nigeria, Africa’s biggest economy, issues sovereign bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.
It has a series of debt issues lined up this year, including a 100 billion naira debut domestic sukuk which it is marketing to fund road projects and a 20 billion naira “green bond”.
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