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    Nigeria to sell 110 bln naira in bonds on May 15

    Reuters – Fri, May 10, 2013

    LAGOS (Reuters) - Nigeria plans to sell 110 billion naira in bonds ranging between five and 20 years at its fifth monthly debt auction of the year on May 15, the Debt Management Office said on Friday.

    It said it would issue 15 billion naira of paper maturing in April 2015, 25 billion naira in April 2017 notes and 35 billion naira each in June 2019 and July 2030 paper, using the Dutch Auction system.

    All the notes are re-openings of previously issued paper and the result of the auction is expected the following day.

    Nigeria, Africa's second most developed bond market, issues bonds at monthly auctions to deepen the local fixed income market, help lenders manage their liquidity and raise cash to fund the budget deficit.

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