Finance

FG to Raise N340bn in Bonds in Q4 – DMO

Published

8 years ago

September 28, 2016

The country plans to raise between N250bn and N340bn ($794.91m -$1.08bn) in local currency-denominated bonds in the fourth quarter of this year, the Debt Management Office said on Tuesday.

The debt office said it would auction between N90bn and N120bn worth of bonds maturing in 2021; N70bn-N100bn in the debt maturing in 2026; and N90bn-N120bn worth in the paper maturing in 2036.

In its latest issuance calendar, the debt office said the bonds would be re-opened from previously issued debt.

Reuters reported that the country had planned to raise between N305bn and N395bn worth of debt in the third quarter but ended up issuing N460bn worth.

Nigeria issues sovereign bonds monthly to fund its budget deficit, support the local bond market and create a benchmark for corporate issuance.

The government had said that it would borrow about N900bn locally to finance part of the N2.2tn deficit in its 2016 budget.