Nigeria to sell 60bn naira in bonds on May 13

LAGOS: Nigeria plans to sell 60 billion naira ($300 million) of 5, 10 and 20-year sovereign bonds on May 13, its fifth debt auction of the year, the Debt Management Office (DMO) said on Tuesday.

The DMO said it would sell 20 billion naira each of the papers, due to mature in 2020, 2024 and 2034 respectively.

The papers are re-openings of previous issues and the results of the auction will be published the following day.

Nigeria, sub-Saharan Africa's biggest economy, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.