Nigeria to raise N100 billion in bonds

The Debt Management Office said, on Wednesday, it plans to sell N100 billion ($615 million) worth of bonds with maturities ranging from 3 to 20 years at an auction next Wednesday

The debt office said it will auction N15 billion  in the 3-year bond, N50 billion in the 10-year paper and 35 billion naira in the 20-year debt note, using a Dutch auction system.

The bonds are reopenings of previously issued debt notes, the debt office said, noting that the results of the auction will be released the following day.

“Successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument,” the debt office said.