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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka sells US$129mn in floating rate bonds

Sri Lanka sells US$129mn in floating rate bonds

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Mar 19, 2013 (LBO) - Sri Lanka has sold 129 million US dollars in 3-year dollar denominated bond at an average yield of 400 basis points above the London interbank offered rate, the public debt office said.

The public debt office offered to sell 50 million US dollars of maturing bond and said the offer was oversubscribed.
The rate was the same as an auction held on February 15, the debt office said. Today's Libor rate was 0.4454 percent.

Styled 'Sri Lanka Development Bonds', the dollar denominated instruments are sold to banks and other domestic investors who are eligible to hold dollar assets.
http://lbo.lk/fullstory.php?nid=844388645

CSE.SAS

CSE.SAS
Global Moderator
The Central Bank on behalf of the Government yesterday took up the entire bids worth $ 129 million made for the $ 50 million three year Sri Lanka Development Bonds (SLDB) issue.

The Central Bank said foreign and local commercial banks operating in Sri Lanka subscribed at the auction and the offer was oversubscribed by 2.6 times, with total bids received amounting to $ 129 million at the market determined rate of USD 6 month LIBOR + 400 bps (weighted average margin, which is the same margin as at the last auction held on 15 February 2013).

“Accordingly, with the intention of providing an opportunity for investors to invest their funds for a longer period, it was decided to accept the entirety of $ 129 million in three-year maturity at the above rate, where as of today, the US Dollar 6 month LIBOR rate is 0.4454%,” the Central Bank said.

The offer was opened from 12-19 March 2013 for bidding with the settlement on 27 March 2013.
The SLDB of $ 50 million in three-year tenure were offered to eligible investors for subscription at a rate of US Dollar 6 month LIBOR plus a margin to be determined through competitive bidding.

The SLDB issue was executed in terms of Section 2 (a) and 2 (c) of the Foreign Loans Act No. 29 of 1957 as amended.

The SLDBs are transferable by endorsement, delivery and registration with the Superintendent of Public Debt of the Central Bank of Sri Lanka. Eligible investors may purchase SLDBs in the secondary market through Designated Agents appointed by the Central Bank of Sri Lanka.

http://www.ft.lk/2013/03/20/cb-takes-up-129-m-demand-for-50-m-development-bonds-issue/

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