Nigeria issues N70 billion in bonds amid strong demand

The Debt Management Office (DMO), on Thursday, said it  issued a three-year and a 10-year bond to domestic pension and offshore funds, raising N70 billion ($431 million) at yields lower than at its previous auction in April.

The DMO sold the three-year bond at 11.09 percent to raise N35 billion, 2.05 percentage points lower than the same tenor fetched at an auction in April.

It also sold N35 billion of the 10-year paper at 12.54 percent, compared with 13.10 percent last month. Dealers said demand was strong, at N141.04 billion for the shorter bond and 97.99 billion for the longer one.