The Federal Government plans to raise between N250 billion and N340 billion in local currency- denominated bonds in the fourth quarter, the Debt Management Office (DMO) said yesterday.
The debt office said it would auction between N90- 120 billion worth of bonds maturing in 2021, N70-100 billion in the debt maturing in 2026 and N90-120 billion worth in the paper maturing in 2036.
In its latest issuance calendar, the DMO said the bonds will be re-opened from previously issued debt. The Federal Government had planned to raise between N305-395 billion worth of debt in the third quarter but ended up issuing N460 billion worth.
The government issues sovereign bonds monthly to fund its budget deficit, support the local bond market and create a benchmark for corporate issuance. The FG has said it will borrow about N900 billion locally to finance part of the N2.2 trillion deficits in its 2016 budget.