Sri Lanka is set to exchange its existing dollar bonds for new securities with the aim to mobilise further international financial assistance in the wake of ongoing talks between a steering committee of bondholders and a government team which began in London this week, Finance Ministry sources disclosed. The group of bond holders is expected [...]

Business Times

Key officials in London for debt restructure talks

Central Bank Governor, Treasury Secretary involved in debt talks
View(s):

Sri Lanka is set to exchange its existing dollar bonds for new securities with the aim to mobilise further international financial assistance in the wake of ongoing talks between a steering committee of bondholders and a government team which began in London this week, Finance Ministry sources disclosed.

The group of bond holders is expected to sign non-disclosure agreements as the first step for open discussions, a high official of the ministry who wish to remain anonymous told the Business Times.

Neither advisors for the bondholder group nor the Sri Lankan government responded to a request for comment.

External investors and a Sri Lankan official team jointly headed by Finance Ministry Secretary Mahinda Siriwardena and Central Bank Governor Nandalal Weerasinghe now in London are likely to reach consensus on the debt rework following compromise at the end of the meeting, he revealed.

In the context of the restructuring of International Sovereign Bonds (“ISBs”), the Government is working towards launching an invitation to exchange its existing ISBs denominated in United States Dollars (“USD”) for new ISBs in the same currency, he added

Accordingly, the Ministry of Finance has requested for proposals to be considered for appointment of dealer manager(s) for this purpose, a ministry notice indicated.

Invitation has been extended to banks to submit proposals for consideration to be appointed as a Dealer Manager for the exchange offer, it added.

According to the notice of calling requests for proposals, relevant experience in the role of Dealer Manager or similar in sub-sovereign, SOE, supranational or similar bond exchange offers, consent for bidders. .

Prospective bidders will have to submit proposed execution strategies for the exchange offer, including proposed execution timeline and strategy for maximising the chances of success of the exchange offer.

Another requirement was the relationship with the government, Sri Lankan state institutions and corporates in Sri Lanka in relevant capacities, if any, within the last eight (08) years.

Share This Post

WhatsappDeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspaceRSS

Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!

Advertising Rates

Please contact the advertising office on 011 - 2479521 for the advertising rates.