LAGOS: Nigeria plans to raise between 274 billion naira ($1.4 billion) and 365 billion in local currency-denominated bonds with maturities ranging between five and 20 years in the second quarter of the year, the Debt Management Office (DMO) said on Monday.
The DMO said it would auction between 15 and 25 billion naira in five-year paper in April, along with 35 to 45 billion worth in 10-year debt and 45 to 55 billion in 20-year bonds.
In May, the debt office plans to issue between 10 and 20 billion naira worth of five-year paper, 35 to 45 billion of 10-year bonds and 45 to 55 billion of 20-year debt.
In its latest bond issuance calendar, the debt office also said it will in June raise between 10 and 20 billion naira in five-year, 35 to 45 billion in 10-year and 45 to 55 billion worth of 20-year paper.
Nigeria, Africa's second-biggest economy, said all were re-openings of those previously issued.
Africa's biggest crude exporter issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
Nigeria said it will borrow about 900 billion naira locally to finance part of the 2.2 trillion naira deficits in its 2016 budget.
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