Sri Lanka seeks $3 bln in bond investments to tackle debt crisis

Business

Sri Lanka’s Central Bank (CB, amidst an emerging and serious debt crisis, is planning to raise up to US$3 billion through International Sovereign Bonds in the international market this year - all to pay off debt.
In a statement on Tuesday, the CB said the issuances in single or multiple tranches would be in US Dollar and Chinese Renminbi (Panda / Dim Sum) with a fixed coupon and medium to long term maturities where non-resident investors will be eligible to invest at the primary issuance.
It has invited proposals from banks and investment houses for consideration to be appointed as Lead Managers/Book Runners on these issuances with the deadline for entries closing on April 11.
Sri Lanka is facing a major debt crisis particularly due to a huge debt left behind by the former Mahinda Rajapaksa-administration while tax revenues are running low in recent times.

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