ECONOMYNEXT – Sri Lanka’s Bank of Ceylon has raised 100 million US dollars from a 12-month syndicated loan, a media report said.
Bloomberg newswires said the Bank of Ceylon paid about 130 basis points above the London Interbank Offered Rate, pricing the loan between 170 to 190 basis points.
Bank of Ceylon is active the loan and bond markets and uses some of the funds to finance the government.
The government borrows through Sri Lanka Development Bonds on floating rates from banks and other domestic firms allowed to hold foreign currency.
Last month the government paid 335 basis points above the six month London Interbank Offered Rate for 12-month bonds. (Colombo/Nov02/2015)