Sri Lanka sells US$100mn 5-year floating rate bonds

COLOMBO (EconomyNext) – Sri Lanka has sold 100 million US dollars of 5-year floating rate dollar bonds which will pay 405 basis points above the London Interbank Offered Rate, the state debt office said.

The debt office also called and received bids for 2-year (25 million US dollars), and 3-year (18 million US dollars) bonds which were not accepted at the March 27 auction.

The floating notes, styled ‘Sri Lanka Development Bonds’ are targeted mainly at investors in the domestic market including banks who are allowed to hold foreign currency assets.

On March 09, Sri Lanka has sold 156.5 million dollars of 3-year dollar bonds which will pay an interest rate of 377 basis points above the 6-month London Interbank Offered Rate.

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