DMO to sell N140bn bonds on June 21

The Debt Management Office (DMO) said on n Friday that the Federal Government will auction N140 billion ($460 million) in bonds on June 21.
A statement by the debt office on Friday disclosed that it will sell N40 billion of bonds due in 2021 and N50 billion each of bonds due in 2027 and in 2037, using a Dutch auction system.
Settlement is expected the day after the sale. The bonds are re-openings of previous issues.
CBN on Wednesday announced plans to sell N133.24 billion worth of Treasury bills at an auction next week.
Nigeria, which has Africa’s biggest economy, issues sovereign bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.
The West African country expects a budget deficit of N2.36 trillion this year as it tries to spend its way out of a recession. It expects to raise money to cover more than half the deficit from the local market.
It has a series of debt issues lined up including a $300 million diaspora bond and a N100 billion debut domestic sukuk this month.