The Federal Government is planning to borrow between N305bn and N395bn ($1.08bn-$1.40bn) in local currency-denominated bonds with maturities ranging from five to 20 years in the third quarter of this year.
The Debt Management Office has made it known that the Federal Government will soon borrow between N305bn and N395bn ($1.08bn-$1.40bn) in local currency-denominated bonds in the third quarter of this year which its maturities will span from five to 20 years.
According to the DMO on Wednesday, there will be an auction between N105bn and N135bn worth of bonds in 2021, 2026 and 2036 in July. And there will be the sales of same bonds valued at N95bn and N125bn in August; While in September, N105bn and N135bn worth of the paper would also be sold.
Speaking about its latest debt issuance calendar, the DMO said that the 2021 paper was a fresh issue. While there was a re-opening of issued debt by the 2026 and 2036 maturing paper.
In order to give support to the local bond market and to create a benchmark for corporate issuance and fund its budget deficit, the Federal Government issues sovereign bonds every month.
Also the government is making plans to borrow about N900bn locally to finance the N2.2tn deficits in the 2016 budget.
It would be recalled that on April 5, the DMO announced its ongoing plans to to raise between N274bn and N365bn in local currency-denominated bonds which has its maturities spanning between five and 20 years in the second quarter of the year.
In its latest bond issuance calendar, the DMO also said it would in June raise between N10n and N20bn in five-year, N35 to N45bn in 10- year and N45bn to N55bn worth of 20-year paper. The agency said all were re-openings of those previously issued.
