The Debt Management Office (DMO) initially intended to raise 100 billion naira. It got subscriptions of 117.58 billion naira, more than half skewed towards the 10-year bond.
The DMO sold 27.18 billion naira in five-year bonds at 13.70 percent and 52.44 billion naira in 10-year debt at 13.98 percent. The five-year bond is due in 2021, the 10-year, a new offering, in 2028.
Investors bid as high as 16 percent for the bonds at the auction.
The government has been working to lower its borrowing costs, particularly as inflation fell for the 12th time in a row in January. It sold Eurobonds last Thursday to help repay some treasury bills rather than rolling them over as it has done in the past.
Investors are waiting for the debt office to announce which bills it intends to pay off and a reduction in auction volumes for second quarter, which could spur buying.
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