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Sri Lanka rupee ends weaker, gilt yields marginally up after bond auction

ECONOMYNEXT – Sri Lanka rupee ends weaker at 184.58/60 to the US dollar in the spot market on Thursday while gilt yields marginally edged up after the bond auction, dealers said.

The rupee closed at 184.50/60 to the US dollar on Wednesday.

Sri Lanka has repaid 4.2 billion US dollars in foreign debt falling due and avoided sovereign default, Prime Minister and Finance Minister Mahinda Rajapaksa said.

Prime Minister Mahinda Rajapaksa told the parliament today that the government has been able to “stabilize the exchange rate, which was steadily depreciating then at around the Rs.185 (to the US dollar level) and to service the foreign debt of 4,200 million dollars averting the country being classified into a debt default status.”

In the secondary securities market, bond yields slightly up after the bond auction today, dealers said.

Sri Lanka’s debt office offered 75 billion treasury bonds to be auctioned on November 12. The auction was undersubscribed by 26.25 billion rupees with only 48.75 billion rupees sold.

Investors bid 54.5 billion rupees for the 01.12.2024 maturity offering 40 billion and only 30 billion rupees was accepted at a weighted average of 6.32 per cent.

Investors bid 43.95 billion rupees for the 15.08.2027 maturity offering 35 billion and only 18.7 billion rupees were accepted at 7.01 per cent weighted average.

The settlement is on 16 November 2020.

A 2-year bond maturing on 15.12.2022 closed at 5.65/72 per cent on Thursday, steady from 5.65/70 per cent at Wednesday’s closing.

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A bond maturing on 15.01.2023 closed at 5.68/78 per cent, down from 5.70/80 per cent at Wednesday’s end.

A bond maturing on 15.09.2024 closed at 6.27/30 per cent, down from 6.30/35 per cent at the previous day’s end.

A bond maturing on 01.05.2025 closed at 6.45/53 per cent, steady from 6.45/50 per cent.

A bond maturing on 01.02.2026 closed flat at 6.65/70 per cent.

A bond maturing on 15.08.2027 closed at 7.00/08 per cent up from 6.95/05 per cent at the previous day’s end

A bond maturing on 01.07.2028 closed at 7.10/25 per cent, steady from 7.10/20 per cent at the previous day’s closing.
(Colombo/Nov12/2020)

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