Sri Lanka raises US$ 229 million via its latest development bond issue

Sri Lanka raise dollars via its development bond issue

Sri Lanka today raised US$ 229.02 million via its latest development bond issue, which was oversubscribe by 1.5 times.

The government’s initial plan was only to raise US$ 150 million, but due to the high demand by the investors, it has decided to go ahead and accept the entire bid amount of US$ 229.02 million.

Central Bank said, the thee year tenor bonds were issued at the market determined rates of US Dollar 6 month LIBOR + 410 bps (weighted average margin).

According to the Bank, today, the US Dollar 6 month LIBOR rate is 0.73%.

“Both foreign and local commercial banks subscribed bids at the auction” announced the Central Bank.