FG to raise up to N350 billion in bonds in Q3

Nigeria will raise between 260 billion and 350 billion naira ($1.60 billion-$2.15 billion) in the third quarter by selling bonds with maturities ranging from three years to 20 years, the Debt Management Office (DMO) said on Friday.

The DMO said a new 20-year bond will be sold in July while all other issuance will be reopenings of oustanding bonds.

A breakdown of planned issuance is shown in the table below.

Date of Issue                           Tenor              Amount (billion naira)

July 16, 2014                             3-year                          10-20

                                                   10-year                         45-55

                                                   20-year                          30-40

August 13, 2014                      3-year                            10-20

                                                    10-year                           45-55

                                                   20-year                          30-40

September 17, 2014              3-year                             10-20

                                                     10-year                            45-55

                                                   20-year                            35-45

Total                                                                                260-350