Nigeria sold 45 billion naira worth of
naira-denominated bonds maturing in 2020 and 2034 at an auction on
Wednesday, paying higher yields than at its previous auction in August,
the Debt Management Office said on Thursday.
The amount raised at the auction was
short of the 70 billion naira initially proposed by the debt office.
Traders said the debt office was constrained by the higher yields that
investors demanded and reduced the amount of debt sold.
Investors had asked for yields ranging
from 13.5 to 20 percent for the 2020 bond and 14.5 to 20 percent for the
2034 debt, but the debt office decided to cut off the sale at 15.95 and
15.97 percent respectively.
The debt office sold 20 billion naira
worth of 2020 debt at 15.95 percent yields, 57 basis points more than
15.38 percent at the last auction in Aug.
