Good Morning Nigeria: Another difficult calendar for the DMO
​Another difficult calendar for the DMO
The DMO has issued its provisional issuance calendar for Q1 2016, together with its offer circular for this month. It has had to set out its plans without an approved budget in place. This has become its lot each January but additionally the oil price is falling, which has given rise to suggestions that the assumptions in the FGN’s budget proposals may have to be adjusted (downwards). Over the quarter the DMO seeks to raise between N260bn (US$1.30bn) and N350bn (US$1.75bn) from primary issue. Debt offices globally like to front-load their issuance, which explains the sharp increase from the calendar for Q4 2015 (a range of between N180bn to N270bn).
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