Nigeria to sell N140 billion bonds on June 21 – Debt office

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Nigeria’s Finance Minister Kemi Adeosun

Nigeria plans to auction N140 billion ($460 million) in bonds on June 21, the Debt Management Office said on Friday.

The debt office 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.

The central bank 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 2.36 trillion naira this year as it tries to spend its way out of a recession. It expects to raise money to cover more than half…

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