DMO to auction N65 billion in bonds on November 12

The Debt Management Office (DMO) says, Friday,  it plans to raise N65 billion ($392 million) worth in sovereign bonds with maturities of three to 20 years at an auction on November 12.

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The debt office said it will auction 10 billion worth of three-year bonds, 30 billion naira of 10-year debt notes and 25 billion naira of 20-year bonds next Wednesday using the Dutch Auction system.

All the bonds are re-openings of previously issued debt notes.

“For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument,” DMO said in a notice.