Nigeria to raise $442.62 mln in bonds on Aug. 23

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LAGOS, Aug 15 – Nigeria plans to raise 135 billion naira ($442.62 million) in bonds on August 23, the debt office said on Tuesday.

The debt office will sell 35 billion naira of bonds due in 2021 and 50 billion naira each of bonds due in 2027 and in 2037, using a Dutch auction system.

Settlement is expected two days after the sale. The bonds are re-openings of previous issues.

Nigeria, which has Africa’s biggest economy, issues sovereign bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.

The West African country expects a budget deficit of 2.36 trillion naira this year as it tries to spend its way out of a recession. It expects to raise money to cover more than half the deficit from the local market.

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