Sri Lanka ropes in Chinese banks to help sell sovereign bond

ECONOMYNEXT – Sri Lanka has included two Chinese lenders among a group of international investment banks that is to lead-manage a sovereign bond of up to $1.5 billion, a financial source said.

Last year, HSBC, Deutsche Bank and Citicorp were appointed to help sell the sovereign bond.

This year, two Chinese banks, including ICBC, have been included in the group, a source familiar with the matter said.

Sri Lanka has already conducted investor meetings at several financial centres to update buyers of economic developments.

Sri Lanka’s budget deficit has improved, leading to a credit outlook upgrade by Fitch Ratings.

Monetary policy has also tightened, although strong credit and liquidity injections have prevented the collection of foreign reserves. (Colombo/Apr07/2017)

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