In Nigeria FG sells N60bn bonds at lower yields

The bonds were sold on all tenors at an auction conducted on Wednesday, May 13, 2015.

  • Published:
Director General of Nigeria's Debt Management Office, Abraham Nwankwo. play

Director General of Nigeria's Debt Management Office, Abraham Nwankwo.

(Daily Sun)
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The Nigerian government has sold N60 billion worth of bonds at lower yields, the Debt Management Office (DMO) has announced.

The bonds were sold on all tenors at an auction conducted on Wednesday, May 13, 2015.

According to the DMO, investors submitted total bids of N183.34 billion compared with N184.72 billion at the last auction.

The lower yields reflected the trend in the secondary market, which remain at below 14 percent following a sharp rise immediately after Nigeria’s peaceful elections in March.

The 5-year, 10-year and 20- year tenors each received a total of N20 billion, the DMO said via a statement.

The 5-year paper was sold at 13.84 per cent, lower than 14.44 per cent, the debt attracted at the last month’s auction.

The 10-year bond fetched a yield of 13.48 percent against 14.22 percent last month, while the 20-year debt attracted a yield of 13.88 percent compared with 14.45 percent last month.

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