FG Raises N121bn In 2021, 2026, 2036 Bonds At Higher Yields -DMO

Nigeria raised N121 billion ($372.88 million) in an auction of local-currency bonds on Wednesday, with yields higher across the board, the Debt Management Office said on Thursday.
The debt office sold N15 billion of 2021 paper at 15.14 per cent at Wednesday’s auction, compared with 15.08 per cent at the previous auction last month.
It also sold 30 billion naira of 2026 debt at 15.53 per cent, against 15.28 per cent, and N60 billion of 2036 debt at 15.59 per cent, compared with 15.53 per cent.
The debt office also allotted an additional N16 billion worth of the 2021 debt on a non-competitive basis to mandate clients.
The West African nation has said it would borrow about N900 billion locally to finance part of the N2.2 trillion- deficit in its 2016 budget, to plug shortfalls.
Nigeria issues local bonds as part of measures to finance the government budget deficit and also to help manage liquidity in the banking system
Source: Reuters

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