S & P rates Sri Lanka’s just-launched sovereign bond ‘B’

ECONOMYNEXT – Standard and Poor’s has rated an international sovereign bond that Sri Lanka is now marketing at ‘B’, in line with the national foreign currency rating.

Sri Lanka is seeking around 2.0 billion dollars in 5 and 10-year bonds with initial price guidance of around 7.2 percent for the 5-year bond and 8.2 percent for 10 years.

A Sri Lanka dollar bond maturing in 2023 is now trading around 6.2 percent, sharply down from the 9.8 percent levels during a political crisis in November.

The full statement is reproduced below:

Sri Lanka’s Proposed Senior Unsecured Notes Assigned ‘B’ Long-Term Foreign Currency Rating
 
SINGAPORE (S&P Global Ratings) March 7, 2019–S&P Global Ratings today
assigned its ‘B’ long-term foreign currency rating to the proposed benchmark
size U.S. dollar-denominated senior unsecured notes to be issued by Sri Lanka
(B/Stable/B).

The notes represent direct, general, unconditional, unsecured, and
unsubordinated obligations of the sovereign, and rank equally with the
sovereign’s other unsecured and unsubordinated debt obligations.

(Colombo/Mar07/2019-SB)
 

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