Nigeria plans to auction 130 billion naira ($426 million) in local currency-denominated bonds on Jan. 18, its first debt sale this year, the Debt Management Office said on Wednesday.
According to Reuters, the debt office said it would issue 40 billion naira apiece in bonds maturing in 2021 and 2036, and 50 billion na ira of paper maturing in 2026, using the Dutch auction system.
Settlement for the bond sale is expected on the following day. All the bonds on offer are reopenings of previous issues.
Africa’s top crude producer and biggest economy issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
Last week, it said it plans to issue 340 billion to 430 billion naira worth of bonds during the first quarter.
The government has proposed a 2017 budget deficit of 2.36 billion naira for this year, which it aims to fund by borrowing 1.254 trillion naira domestically and 1.067 trillion naira abroad.