FG sells N85.8bn in naira-denominated bond at higher yields

Nigeria sold 85.83 billion naira ($431 million) in naira denominated bonds maturing in 2020 and 2026 at an auction on Wednesday, at higher yields compared with the previous auction in December, the Debt Management Office (DMO) said on Thursday.

The debt office said it sold 40 billion naira in the 2020 paper at 12.24 percent compared with 10.95 percent at last month’s auction, while it issued 35 billion naira at par in the 2026 debt with a return of 12.50 percent.

An additional 10.83 billion naira of the 2026 paper was allotted on a non-competitive basis to mandate investors, the debt office said.