Sri Lanka plans sovereign bond by June; seven lead managers
ECONOMYNEXT – Sri Lanka is planning to launch a sovereign bond by June, armed for which seven lead managers including two Chinese have been appointed, Finance Minister Ravi Karunanayake said.
Citicorp, HSBC, Deutsche Bank, Standard Chartered, JP Morgan and two Chinese lenders have been appointed to manage the bond, he said.
Sri Lanka may go to the market by late May armed with a renewed deal with the International Monetary Fund, for which talks are in progress.
Sri Lanka has said it is hoping to raise up to $1.5 billion through the bond sale this year. Minister Karunanayake said Sri Lanka would seek longer-term funding to lengthen the maturity period.
Sri Lanka has earlier sold 5- and 10-year bonds.
A syndicated loan is also in the works, which may net about $900 million to a billion US dollars, where $450 million in core funding has already been committed.
Minister Karunanayake said with sovereign bond proceeds, a syndicated loan, of a Hambantota port deal with China Sri Lanka’s foreign reserves may reach $10 billion by the end of the year. (Colombo/Apr27/2017 – corrected JP Morgan)