Three lead managers for US$ 500 million bond issue

The Central Bank of Sri Lanka said this week it has now selected J.P. Morgan, Barclays Capital and HSBC as Joint Lead Managers/ Bookrunners/ Underwriters to the US$500 million international bond issue.

The bond issue will be carried out by the Central Bank on behalf of the Sri Lankan government, the bank said in a statement. This debut sovereign bond issue is also expected to serve as a benchmark for other corporate borrowers in Sri Lanka which have the capability of raising money in international capital markets.

The funds that will be mobilized through the proposed bond issue are to be used for financing the infrastructure development programs of the Government.

The three lead managers were selected after the Central Bank invited proposals from selected banks/investment houses on July 2. In response, 12 international banks and investment houses submitted their proposals and made presentations.