Nigeria raises N91bn in bonds at higher yields

Nigeria raised N91 billion ($456.14 million) at a bond auction held with yields rising by more than one percentage point across all tenors, the Debt Management Office (DMO) has said.
A total of 20 billion naira worth of the 5-year bond was sold at 16.49 percent, up 95 basis points from 15.54 percent from the previous sale on Feb 11, the debt office said.
The 10-year paper was sold at 16.84 percent compared with 15.75 percent previously, raising a total of 40 billion naira, while 31 billion naira worth of the 20-year debt note was sold at a yield of 19.99 percent, up from 15.85 percent previously.
Dealers said the sale attracted low demand from investors. Total subscriptions stood at 119.14 billion naira compared with 123.6 billion naira at the last auction.