Nigeria plans to sell N95bn ($301.8m) of bonds on November 16, the Debt Management Office (DMO) said on Friday. The office said it would sell N35bn of a bond maturing in 2036, and N25bn of paper maturing in 2026.
Thirty five billion dollars of debt is 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 reopening 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.
Nigeria plans to borrow about N900bn locally to finance part of the N2.2tn deficit in its 2016 budget.
It is also seeking advisers and book-runners to manage a planned $1bn Eurobond sale this year.