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Nigeria to hold last auction for year 2016

Nigeria plans to sell 95 billion naira ($302 million) worth of bonds on Dec. 14, its last debt auction for the year, the Debt Management Office (DMO) said on Tuesday.

The office said it would sell 35 billion naira of a bond maturing in 2036, 25 billion naira of paper maturing in 2026 and 35 billion of debt maturing in 2021, using the Dutch auction system.

Results of the auction are expected to be released on the following day. All the bonds on offer are re-openings of previous issues.

Africa’s biggest economy issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

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