DMO to auction N89.7bn bond on Jan. 25

Nigeria Debt management office said it will auction N89.75 billion worth of 10-year sovereign bonds with different maturity dates on Wednesday at its first monthly debt auction of the year, the Debt Management Office (DMO) disclosed on Monday. The debt office said it will sell N19.75 billion in bonds due to mature in May 2018, and N35 billion each of bonds due in October 2019 and January 2022. Two are re-opening of previous issues, but the January 2022 issue is fresh paper. Nigeria Debt Management , issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.