Sri Lanka rupee stronger, bond yields fall after IMF deal

ECONOMYNEXT – Sri Lanka’s bond yields fell around 30 to 40 basis across maturities and the rupee was quoted stronger in forward markets, after a preliminary deal with the International Monetary Fund.

The spot-next rupee was quoted at 146.50/60 to the US dollar Friday, up from 146.50/60 on Thursday dealers said.

Foreign investors were looking to buy rupee bonds, dealers said.

The International Monetary Fund said it had reached a ‘staff-level’ agreement with Sri Lanka to fix budgets and loss making state enterprises which is expected receive official approval of the lender’s board if the country takes several ‘prior actions’.

Armed with the deal Sri Lanka is expected to go to international markets.

Bond yields fell on Friday.

2- year bonds maturing on 15.11.2018 were quoted at 11.00/10 percent Friday down from 11.30/40 on Thursday.

4-year bonds maturing on 01.05.2020 were quoted at 11.30/35 percent down from 11.60/70 percent

6-year bonds maturing on 01.10.2022 were quoted at 11.50/60 percent down from 11.85/95 percent

14-year bonds maturing on 15.05.2030 were quoted at 12.35/40 down from 12.50/55 percent. (Colombo/April29/2016)
 

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