LAGOS: Nigeria plans to raise 75 billion naira ($472 mln) in local bonds with maturities of between five and 10 years at its regular auction on Aug. 15, the Debt Management Office (DMO) said on Friday.
The debt office said it would sell 25 billion naira apiece of five-, seven- and 10-year bonds with terms to maturity of four years and seven months, six years and nine months, and nine years and four months respectively. The bonds are re-openings of previous issues.
"The DMO reserves the right to alter the amount allotted in response to market conditions," the debt office said in a public notice.
Nigeria, Africa's second-biggest economy after South Africa, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
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