Nigeria to issue N210b, N290b bonds in Q2

Nigeria plans to raise between N210 billion andN 290 billion ($1.33 billion – $1.84 billion) in sovereign bonds ranging between three and 10 years in the second quarter of the year, the Debt Management Office (DMO) said. This is more than its first quarter debt issuance.

DMO said it would auction between N15 billion and N25 billion in three-year paper in April, N30 billion-N40 billion worth in five-year and 10-year bonds each in the same month.

In May, the debt office plans to issue between N30 bilion-N40 billion worth in five-year and 10-year bonds, while in June it would raise between N25billion-N35 billion in five-year, seven-year and 10-year paper.

Nigeria, Africa’s second biggest economy, said all were re-openings of those previously issued, except for the issue of N25 billion-N35 billion in seven-year paper in June.

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’s secondary bond market remained subdued in the last two weeks as bond holders waited for the release of the second quarter auction calendar.

Dealers expect it would serve as a stimulus to boost activity in the secondary market in the coming days.

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