FG raises N100 bn in bonds at higher yields

The Debt Management Office (DMO), on Thursday, announced it sold N100 billion ($616.90 million) worth of bonds with maturities ranging between three and 20 years at auction on Wednesday, fetching higher yields than previously.

A breakdown of the bonds showed that the DMO sold N15 billion in 3-year debt notes, fetching 11.12 percent, higher than the 11 percent they got at the July auction; N50 billion in 10-year debt at 12.22 percent against 12.19 percent last month and a total of N35 billion of 20-year note at 12.38 percent yield, compared with 12.14 percent in July.

All the debt notes were reopening of previous issues, while total demand fell to 174.01 billion naira against 263.91 billion naira last month.