DMO To Sell N95bn Bonds Nov. 16

DMO To Sell N95bn Bonds Nov. 16

The Debt Management Office (DMO) said on Friday that it plans to sell bonds worth N95 billion on November 16.
A breakdown shows that N35 billion worth of a bond maturing in 2036; N25 billion of paper maturing in 2026 and N35 billion of debt maturing in 2021, using the Dutch auction system.
All the bonds on offer are reopenings of previous issues. Results of the auction which is part of efforts to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit are expected to be released on the following day.The Federal Government plans to borrow about N900 billion locally to finance part of the N2.2 trillion deficit in its 2016 budget. It is also seeking advisers and bookrunners to manage a planned $1 billion Eurobond sale this year.