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The debt office sold 2.01 billion naira in the bond maturing in 2030, against 35 billion naira initially planned, 18.8 billion naira in the note maturing in 2017, less than the 25 billion initially offered, and 24 million naira in the debt note maturing in 2015 against 25 billion advertised for offer.
The debt notes were sold at higher yields with the 2030 maturing paper attracted 13.5 percent compared with 12.79 percent at the previous month's auction, the 2017 paper attracted 13 percent compared with 12.25 percent, while the 2015 attracted 12.25 percent against 11.6 percent.
Dealers said the debt office cut back on the amount on offer because Nigerian bonds are less attractive since prices fell in last week's sell off by foreign investors.
"Investors were asking for higher yield in tandem with the going yield at the secondary market, but the debt office was not willing to go beyond certain level," one dealer said.
Yields on local debt rose over the last two weeks as some local and offshore investors sold their holdings to book profit. ($1 = 160 naira)
(Reporting by Oludare Mayowa; Editing by Tim Cocks)
Source: Reuters
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Nigeria sold 21.05 billion naira ($131.56 million) worth of bonds with maturities ranging from five to 20 years and all with higher yields at a Wednesday auction, data from the Debt Management Office (DMO) showed on Thursday.
All notes were the re-opening of previously issued bonds, and the DMO sold only a quarter of the amount initially offered.The debt office sold 2.01 billion naira in the bond maturing in 2030, against 35 billion naira initially planned, 18.8 billion naira in the note maturing in 2017, less than the 25 billion initially offered, and 24 million naira in the debt note maturing in 2015 against 25 billion advertised for offer.
The debt notes were sold at higher yields with the 2030 maturing paper attracted 13.5 percent compared with 12.79 percent at the previous month's auction, the 2017 paper attracted 13 percent compared with 12.25 percent, while the 2015 attracted 12.25 percent against 11.6 percent.
Dealers said the debt office cut back on the amount on offer because Nigerian bonds are less attractive since prices fell in last week's sell off by foreign investors.
"Investors were asking for higher yield in tandem with the going yield at the secondary market, but the debt office was not willing to go beyond certain level," one dealer said.
Yields on local debt rose over the last two weeks as some local and offshore investors sold their holdings to book profit. ($1 = 160 naira)
(Reporting by Oludare Mayowa; Editing by Tim Cocks)
Source: Reuters
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