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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Bank of Ceylon to sell up to US$500mn in bonds

Sri Lanka's Bank of Ceylon to sell up to US$500mn in bonds

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Mar 28, 2013 (LBO) - Sri Lanka's state-run Bank of Ceylon would sell plans to sell between 300 to 500 million US dollars of bonds in the international market, a media report said.

Bloomberg newswires said UBS has been hired to manage the sale.

Fitch Rating has given a BB- expected rating to the securities which will have a tenor of five years.

Last year the Bank of Ceylon raised 500 million US dollars from international markets.

State-run National Savings Bank is also expected to go the international markets this year.
http://lbo.lk/news/Sri_Lankas_Bank_of_Ceylon_to_sell_up_to_US$500mn_in_bonds/1256919532

Jake Sully

Jake Sully
Manager - Equity Analytics
Manager - Equity Analytics
Earlier it was NSB, now its BoC's term....
Who said SL cannot borrow money from the International market.??



Last edited by Jake Sully on Thu Mar 28, 2013 6:09 pm; edited 1 time in total (Reason for editing : CC)

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@Redbulls wrote:
Fitch Rating has given a BB- expected rating to the securities which will have a tenor of five years.
SL can certainly borrow from international markets, but the interest rate is primarily determined by the credit rating.
In our case, the ‘BB-’ rating by Fitch would indicate "an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments".

raptor


Manager - Equity Analytics
Manager - Equity Analytics
Investors will pile into the issue provided its 500m, this allows the bond to qualify being included in a wide range of indexes which investors trade on. There is also the rarity factor, it's pretty hard to get hold of Sri Lanka credit risk in capital markets, previous BoC bond and the SL gov bonds have been sewn up by buy and hold investors who will hold the bonds to maturity. Also BoC will pay a very attractive rate compared to what else is out there. It's not so much the credit risk of the company that investors will look at, it's the country and the ability to gain exposure to a credit they normally can't and a very attractive headline interest rate. There will be know issues here. Given the low interest rate environment investors have stopped thinking rationally and are now aggressively chasing higher yields which means moving lower down the credit spectrum.

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