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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sovereign bond issue: 8 investment banks send in proposals

Sovereign bond issue: 8 investment banks send in proposals

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CSE.SAS

CSE.SAS
Global Moderator

Sri Lanka has received proposals from eight investment banks for a sovereign bond planned for the second half of 2012, which are being evaluated, Central Bank Governor Nivard Cabraal said.

Bank of America, Citi, JP Morgan and HSBC are among the respondents.

Cabraal said the timing of the deal and its tenure would be decided after seeking the views of the joint lead managers, but in the recent past Sri Lanka has raised 10-year bonds, reported Lanka Business Online.

The size of the issue will be decided by the government, he said. A typical ‘sovereign size’ is at least US$ 500 million, but Sri Lanka has sold billion dollar bonds in the past.

In October 2012, Sri Lanka’s maiden US$ 500 million sovereign bond is maturing.

Though Sri Lanka has enough foreign reserves to easily repay the bond, analysts expect the 2012 bond sale to take place ahead of the October 23 maturity.

As reported in these pages, Treasury Secretary Dr. P. B. Jayasundera said government is looking at the possibilities of raising a further US$ 250 to US$ 500 million on top of the US$ 500 million required to repay the earlier debt.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=53876

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