Nigeria raises 39 bln naira from new bonds, far short of target – Reuters

CBN

LAGOS Nov 17 (Reuters) – Nigeria issued 39 billion naira ($128.2 million) in local currency bonds on Wednesday, far short of its original offer as the government, which is struggling to curb its borrowing costs, did not want to pay a higher coupon on the notes.

Africa’s largest economy had wanted to raise 95 billion naira from bonds maturing in five, 10 and 20 years time. But investors demanded higher yields for the notes so the government issued a lower amount, traders said. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Hugh Lawson)