Nigeria raises N70Bn from selling bonds at lower yields

Nigeria has raised N70 billion from a bond auction after selling at lower yields across all tenors, Reuters Africa reports.

The debt office said in a notice that the total subscriptions stood at 184.72 billion naira, compared with 119.14 billion naira at the last auction.

The DMO also said that it had sold 20 billion naira worth of the 5-year bond at 14.44 percent, down from 16.49 percent at its previous sale on March 11.

The 10-year paper was sold at 14.22 percent against 16.84 percent previously, raising a total of 25 billion naira, while 25 billion naira worth of the 20-year debt note was sold at a yield of 14.45 percent compared with 16.99 percent previously.

The bonds were sold at low yield along with the prevailing yields at the secondary market, which have been falling since the country held largely successful general elections.