LAGOS, June 29 (Reuters) – Nigeria plans to raise between 305 billion naira and 395 billion naira ($1.08 bln -$1.40 bln) in local currency-denominated bonds with maturities ranging from five to 20 years in the third quarter of the year, the Debt Management Office (DMO) said on Wednesday.
The debt office said it would auction between 105 and 135 billion naira worth of bonds maturing in 2021, 2026 and 2036 in July, 95 and 125 billion naira worth of same debt in August and 105 and 135 billion naira worth of the paper in September.
In its latest debt issuance calendar, the debt office said the 2021 paper was a new issue, while the 2026 and 2036 maturing paper re-opened previously issued debt.
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. ($1 = 282 naira) (Reporting by Oludare Mayowa; Editing by Jon Boyle)