DMO to raise N90 billion in bonds

The Debt Management Office (DMO) plans to raise N90 billion ($475m) in sovereign bonds with maturities ranging between five and 20 years at its next regular auction on February 11.

The debt office said, on Tuesday, it will auction N35 billion worth of the 5-year bond, 30 billion naira of the 10-year paper and 25 billion of the 20-year debt note, using the Dutch Auction System.

The 5-year debt note is a fresh issue, while the 10-year and 20-year bonds are re-openings of previously issued paper.

Results of the auction are expected to be announced the following day, the debt office said in a notice.