Sri Lanka raises US$1.5bn for 10 years at 6.2-pct

ECONOMYNEXT – Sri Lanka has raised 1.5 billion US dollars at 6.2 percent from a 10-year sovereign bond, lower than the initial price guidance, after getting orders of more than 11 billion US dollars.

Bloomberg Newswires said US investors bought 58 percent of the issue, Europe 22 percent and Asia 20 percent.

Fund managers and asset managers bought 83 percent, banks 9 percent, insurance and pension funds 5 percent and others 3 percent.

The bond was launched Thursday with initial price guidance of 6.625 percent and narrowed to 6.25 percent later.

The unsecured bond was given an expected rating of B+ by Fitch in line with the country’s credit rating.

The bond was managed by Citi, DB, HSBC, JP Morgan, Standard Chartered and China’s CITIC CLSA Securities, ICBCI. (Colombo/May05/2017)

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