Nigeria’s DMO sells N55bn in bonds at mixed yields

Nigeria’s Debt Management Office (DMO) sold N55 billion ($320 million) of sovereign bonds with maturities of 3-, 10- and 20-year at an auction on Wednesday, attracting mixed yields amid a sell-off on the secondary market, it said on Thursday.

The debt office sold N20 billion of 20-year paper at 13 percent, compared with 12.69 percent at the previous auction last month and N25 billion in 10-year bond, at 12.8 percent against 12.79 percent at the previous auction.

A total of N10 billion of the 3-year debt note was sold at 12 percent compared with 12.14 percent at the last auction in October.

All the debt notes are reopenings of previously issues.

Yields on Nigerian bonds have continued to rise at the secondary market as offshore investors exit the market on concerns on falling global oil price and rapidly depreciating local currency. (Reuters)