Sri Lankan government to raise up to US$ 2 billion in sovereign bonds this year
The Cabinet of Ministers in Sri Lanka has reportedly decided to raise up to US$ 2 billion in sovereign bonds in 2019, Sri Lanka’s State Minister of Finance Eran Wickramaratne has said.
He has observed that Sri Lanka will go to market with differed tenors and volumes at opportune times.
A sovereign bond usually has a volume of at least US$ 500 million.
Sri Lanka’s sovereign bond yields had edged up in 2018 amid rising US rates, but yields soared to prohibitive levels of after President Maithripala Sirisena triggered a political crisis on October 26, according to reports.
Nevertheless, on January 14 Sri Lanka repaid a US$ 1 billion bond without rolling it over.
Given the country’s strengthening economy as well as its development agenda, Sri Lanka’s sovereign bonds sale would provide an ideal investment opportunity for foreign businesses/investors.
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