Sri Lanka calls managers to sell up to US$2bn in sovereign bonds

ECONOMYNEXT – Sri Lanka has called proposals from banks and investment houses to sell up to 2.0 billion US dollars in sovereign bonds in 2018.

The bonds could be sold in single or multiple tranches, the Central Bank said.

Proposals have to be submitted by January 23.

Central Bank Governor Indrajit Coomaraswamy said he would prefer to go to market early in 2018 before the US Fed raised interest rates further.

Rating agencies had upgraded Sri Lanka’s sovereign rating on the back of lower budget deficit and higher tax revenues though economic growth slowed as the country recovered from a money printing bout in 2015/2016 as well as a drought. 

But data showed that in the third quarter of 2017, job losses in farming and been more than made up for by job gains in industry and services. (Colombo/Jan18/2018)

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