8/02/2009

Sri Lanka heading for a soverign bond issue

(August 02, 2009 Lanka Polity) Sri Lanka state is reportedly planning to sell sovereign bonds to raise funds possibly US $ 500 million soon, government sources say.

In 2007, Central Bank of Sri Lanka  sold $500 million of bonds due in October 2012, at a yield 397.2 basis points higher than U.S. Treasuries of similar maturity.

HSBC, JPMorgan Chase & Co. and Barclays Capital had arranged Sri Lanka’s debut overseas bond sale.  Investors placed orders for more than three times the amount of debt sold.

The government has already in touch with the HSBC and JPMorgan to arrange meetings with investors in the U.S., India, Hong Kong and Singapore to highlight prospects in the island nation after the end of its civil war.

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