Nigeria to Raise N100b from Bond Auction Dec 13

By Modupe Gbadeyanka

Africa’s largest economy, Nigeria, has expressed its intention to raise about N100 billion from the local bond market next Wednesday.

The exercise, precisely slated for December 13, 2017, would be conducted using the Dutch auction system.

A circular released by the Debt Management Office (DMO) disclosed that N50 billion would be raised in each of the two maturities, 5-year and 10-year.

According to the circular obtained by Business Post, the debt office would be offering N50 billion for the FGN JUL 2021 note at 14.50 percent, and N50 billion also for the FGN MAR 2027 paper at 16.2884 percent.

Both notes are re-opening and would be listed on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange.

Interested investors have been advised to contact offices of any of the following primary dealer market makers (PDMMs): Access Bank Plc, First Bank of Nigeria Ltd, Standard Chartered Bank Nigeria Ltd, Citi Bank Nigeria Ltd, First City Monument Bank Plc, United Bank for Africa Plc, Coronation Merchant Bank Ltd, FSDH Merchant Bank Ltd, Zenith Bank Plc, Ecobank Nigeria Ltd, Guaranty Trust Bank Plc, FBN Merchant Bank Ltd, and Stanbic IBTC Bank Plc.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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