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Sri Lanka to wrap up US$700mn syndicated loan in days

ECONOMYNEXT – Sri Lanka is expected to wrap up a $700 million syndicated loan in days, ending the country’s external borrowings for the year, officials said.

Sri Lanka was originally expected to raise $500 million from the three-year syndicated loan, where lead arrangers Citi, CS Singapore, Emirates NBD, HSBC and Mashreq gave an early $300 million.

Sri Lanka is not expected to go for foreign more foreign borrowings in 2016, Central  Bank Governor Indrajit Coomaraswamy said.

Sri Lanka also sold a $1.5 billion sovereign bond.

Proceeds of the bond were also used to repay a maturing Sri Lanka Development Board tranche earlier this month. (Colombo/Aug31/2016)
 

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