By IsharaGamage
Ceylon Finance Today: The government has approved the launch of a fresh International Sovereign Bond upto the value of US$ 1.5 billion, Central Bank of Sri Lanka (CBSL) sources who didn't want to be named told "Ceylon FT".
"This is a fresh mandate, last week, we have received the Government of Sri Lanka (GoSL) greenlight. We will start our road shows shortly", the sources said. Sri Lanka's foreign reserves as at Wednesday had fallen to US$ 6.6 billion, from a near peak of US$ nine billion in August 2014.
The Sri Lanka rupee is currently under pressure due to foreign debt servicing and import demand.
Citigroup Global Markets Inc., Deutsche Bank, The Hong Kong and Shanghai Banking Corporation Limited and Standard Chartered Bank acted as Joint Lead Managers/Book runners on the transaction, sources said.
Depending on the bids and the yield rates, the maturity period will be decided, the sources said.
CBSL on behalf of GoSL, last May sold a US$ 650 million 10-year International Sovereign Bond at a yield of 6.125 per cent per year.
Fitch Ratings, Moody's Investors Service and Standard and Poor's have rated the Issue at 'BB-', 'B1'and 'B+' respectively. A Sovereign Bond to the value of US$ one billion sold in 2010, matures in 2020.
Ceylon Finance Today: The government has approved the launch of a fresh International Sovereign Bond upto the value of US$ 1.5 billion, Central Bank of Sri Lanka (CBSL) sources who didn't want to be named told "Ceylon FT".
"This is a fresh mandate, last week, we have received the Government of Sri Lanka (GoSL) greenlight. We will start our road shows shortly", the sources said. Sri Lanka's foreign reserves as at Wednesday had fallen to US$ 6.6 billion, from a near peak of US$ nine billion in August 2014.
The Sri Lanka rupee is currently under pressure due to foreign debt servicing and import demand.
Citigroup Global Markets Inc., Deutsche Bank, The Hong Kong and Shanghai Banking Corporation Limited and Standard Chartered Bank acted as Joint Lead Managers/Book runners on the transaction, sources said.
Depending on the bids and the yield rates, the maturity period will be decided, the sources said.
CBSL on behalf of GoSL, last May sold a US$ 650 million 10-year International Sovereign Bond at a yield of 6.125 per cent per year.
Fitch Ratings, Moody's Investors Service and Standard and Poor's have rated the Issue at 'BB-', 'B1'and 'B+' respectively. A Sovereign Bond to the value of US$ one billion sold in 2010, matures in 2020.
www.ceylontoday.lk
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