Nigeria plans to auction N135 billion ($442 million) in bonds next week, the Debt Management Office said on Tuesday.

The debt office plans to sell N35 billion of bonds due in 2021 and N50 billion 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.

The central bank on Wednesday announced plans to sell N140.9 billion worth of Treasury bills at an auction next week.

Nigeria, 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.

It has a series of debt issues lined up this year, including a N100 billion debut domestic sukuk which it is marketing to fund road projects and a N20 billion “green bond”. (Reuters)