Nigeria will offer 70 billion naira ($463 million) of bonds at an auction on Dec. 15, according to an announcement on the website of the Debt Management Office.

The sale includes 25 billion naira each of 3- and 20-year instruments, and 20 billion of 5-year paper, the Abuja-based agency said.

The coupon rates are 5.5 percent for the 3-year, 4 percent for the 3-year bond and 15 percent for 20-year instruments.