GTB 737 banner Yudala banner

Investors shun Nigeria’s bond

By News Express on 24/08/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 468


Nigeria raised 56.05 billion naira ($179 million) in a bond auction on Wednesday, less than half the amount on offer as domestic pension funds and insurance firms cut orders due to low yields, traders said on Thursday.

The Debt Management Office (DMO) offered 135 billion naira worth of bonds maturing in 2021, 2027 and 2037, but investors shunned the auction to take positions in the relative liquid secondary market.

The DMO paid 16.80 percent for the 2021 and 2027 bonds and 16.90 percent for the 2037 debt. Investors demanded yields as high as 17 percent, auction results showed, to help boost returns further above inflation, which was 16.1 percent in June.

“Pension funds and insurance firms cut back their demand ... because of expectations of higher yields,” one dealer said, adding that those two sectors, which dominate the local bond market, subscribed for just 63.65 billion naira.

Nigeria, Africa’s biggest economy, is planning for a budget deficit of 2.36 trillion naira this year as it tries to spend its way out of recession. It expects to raise funds from the local market to cover more than half the deficit.

The DMO issues bonds every month.

At Wednesday’s auction, the debt office sold 9.18 billion naira worth maturing in five years, 17.51 billion maturing in 10 years and 29.36 billion maturing in 20 years.

•Text courtesy of Reuters.

 

Source News Express

Posted 24/08/2017 8:24:34 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Man to spend 6 months in jail for...

Eko Disco to ration electricity supply to Lekki,...

Police, NSCDC move to ensure tight security for...

OPEC foresees oil price rebound

Dasuki, EFCC trade words over alleged fraud

Bitcoin hits fresh all-time high of $6,000

Kogi Governor accuses police of aiding and abetting...

Vatican moves to make John Paul II a...

U.S.-bound Arik Air passengers stranded in Lagos, condemn...

Today’s Weather: NiMET predicts cloudy conditions, rains and...

Where is Nnamdi Kanu?

FG poised to bring succour to Nigerians —Dogara...

 

Latest News Soccer star bags 9 years jail term for alleged gang-rape 40 human traffickers nabbed Enugu budgets N1.5b for rehabilitation of 14 roads BLACK FRIDAY: Yudala records unprecedented spike in online traffic NIPC inaugurates centre with software to boost investments Mass housing: Lagos to allocate ready estates to first-time homeowners NSE turnover volume improves by 55.11% Buhari demands improved efforts against piracy, human trafficking •Emerges Chairman of Gulf of Guinea Commission Osun Govt. orders clampdown on tax defaulting federal MDAs Senate names members of committee to probe EFCC, DSS clash Our call on Deltans, investors yielding results — Okowa DSS, a clog in the fight against corruption, says CDHR

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (295,822 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (279,416 views) Shameless Genevieve Nnaji exposes breasts in public (225,911 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (190,079 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,554 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (166,623 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (144,499 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,816 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (127,628 views) Lagos plane crash: Journalist releases victims’ names (116,728 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,990 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (108,470 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (31) Business (2,781) Business Verdict (26) Columnists (771) Complaints & Requests (93) Enterprise & Opportunities (187) Entertainment (408) Features (510) Global Business Monitor (192) International (1,654) Interviews (138) Live Commentary (28) Love Matters (84) News (30,483) Opinion (838) Pidgin (9) Politics (4,125) Religion (649) Sports (1,357) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!