Sri Lanka selects lead managers for dollar, Yen, Renminbi bonds

ECONOMYNEXT – Sri Lanka has shortlisted seven lead managers to sell US dollar, Yen and Renminbi bonds in 2019 but has found that selling Euro denominated bonds is not attractive, a government official said.

HSBC, Standard Chartered, JP Morgan Securities, Deutche Bank, Citigroup Global Markets. SMBC Nikko Capital Markets and BOCI Asia Ltd are among those shortlisted to manage bonds sales.

Sri Lanka originally requested proposals to sell up to 2.0 billion US dollars of bonds in four currencies, which included the Euro.

Investment banks that proposed raising non-US dollar bonds had to provide the cost of a derivative to swap the currency to US dollar.

The government had found that the cost of selling Euro-denominated bonds was not as attractive as other currencies, the official said. (Colombo/Feb22/2019-SB)

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