In May this year, SLPA Chairman Dr. Priyath Wickrama had told Reporters that the port authority planned to issue two 10-year bonds of US $ 500 million each, with the first one to be sold around July and the second one later in 2012.
"It will be in October and the plan is to go for the both ($500 million bonds) at once," official sources had told. However it is said to be the biggest corporate bond issue by the US $59 billion island nation's economy after the country's largest lender, Bank of Ceylon, raised US $ 500 million through a five-year paper in early May.
The port authority has already mandated HSBC as one of its lead managers according to sources. Ever since the end of a 3 decade war in 2009, Sri Lanka has been investing heavily in ports, including a US $ 1.5 billion Chinese-financed new port in the southern district of Hambantota.