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Sri Lanka's US$ 1 billion Sovereign Bond issue oversubscribed 10.5 times
Sri Lanka successfully launched and priced a US$ 1.0 billion 10-year International Sovereign Bond offering at a fixed-rate yield of 5.875%, the Central Bank of Sri Lanka (CBSL) said Tuesday in a statement. The issue was oversubscribed 10.5 times at US$ 10.5 billion with orders from 425 accounts and the tighter yield reflects the improved confidence the international investors have placed in the sovereign bond issuance of Sri Lanka, the Central Bank said
Sri Lankan government considering fuel price revision
Sri Lanka's Ministry of Petroleum Industries says it is considering a price revision of fuel to pass the benefits of the declining oil prices in the world market to the public if the downward trend in prices continued. The Ministry has said that the government will make a decision on revising fuel prices after considering further reduction of prices during the next few weeks.
Sri Lanka receives US$ 427 m IMF loan
The International Monetary Fund on Monday approved a $427 million loan for Sri Lanka, as part of its Stand-by arrangement for Sri Lanka. The Washington-based lender said that Sri Lanka's economic recovery continued in 2011, but easy access to credit and a rigid exchange rate had helped extend long-running trade imbalances. Last year's trade deficit hit nearly $10 billion, or a fifth of the country's GDP, imposing a massive strain on the country's dwindling foreign reserves and leaving the island exposed to external shocks.
IMF starts talks with Sri Lanka on a new loan
The International Monetary Fund, which has just fully disbursed a $2.6 billion loan to Sri Lanka, said on Monday it has begun talking with authorities in Colombo about arranging a new credit called an extended fund facility. Koshy Mathai, the IMF's resident representative in Sri Lanka, said there has been a "very preliminary discussion" with the government on a new facility.He said the IMF wanted to "move to a new kind of arrangement, a sort of higher level of arrangement, where we are able to focus on macroeconomic goals we already have."
Sri Lanka's central bank governor tips rupee to strengthen after months of falls.
The Sri Lankan rupee is likely to strengthen toward the end of the year as import volumes cool after months of depreciation, Sri Lanka's central bank governor told Dow Jones Newswires. In a telephone interview, Ajith Nivard Cabraal also tipped economic growth to pick up from next year, and expressed hopes that more Sri Lankan companies would follow the sovereign's lead and tap the international bond markets for funding. Having seen its reserves build to a record high of US$8.2 billion in 2011, the Central Bank of Sri Lanka in February decided to limit its intervention in the currency market as part of a wider package of policy measures to strengthen the external economy. The dollar has appreciated by around 16% against the Sri Lankan rupee since the start of 2012. That is on top of a 3% devaluation of the Sri Lankan currency announced by the country's government in November.
"We definitely see the rupee strengthening once the import demand has reduced as we have planned," Mr. Cabraal said. "We feel confident that the adjustment will be a little more marked toward the latter part of the year."
Sri Lanka interest, FX rates to stabilise after $1 bln bond inflow-Treas Sec
July 24 (Reuters) - Sri Lanka's ailing rupee currency and rising interest rates will stabilise with the $1 billion of inflows from the country's latest 10-year sovereign bond, Treasury Secretary P.B. Jayasundera said on Tuesday. Colombo sold the bond last week at a 5.875 percent yield after being oversubscribed more than 10 times, and the money is expected to flow into the market on Wednesday. P.B. Jayasundera said $500 million of the bond will be kept aside to retire the country's debut $500 million sovereign bond maturing in October, while the rest will be sold in the market.
'The market will be liquid and the market should be able to ease the interest rate. So I can assure you interest rates won't go up,' he told Reuters in an interview. 'Exchange rate pressure will also drop.'
Market Pauses As PBJ Meets the SEC and The CSE!!!
The market decline stopped yesterday on the news that the Treasury Secretary was due to meet the SEC and the CSE to instruct them to revive the market with new ideas and be practical. The market will remain sluggish until direct action by the H.E. to get their grievances redressed. Monitory and fiscal policy measures appear to be delivering results as the country’s once ballooning trade deficit is shrinking, largely owing to a slowdown in imports-Remittance end May up 17.7% to $2,475m , Tourism earnings end May up 25% to 397m , FDIs at end May $ 437m,CSE in 1H net $187m , Net flows to T Bills and Bonds 1H $ 441m , Long term flows to Govt. end May $ 633m, Commercial Bank borrowings in 1H $927.5m. Rupee continued to remain stable and the Treasury bill yields eased a bit at yesterday’s auction reversing the upward trend. With the exchange rate and the interest rates stabilizing there is every possibility that the market too would stabilize and start moving ahead from here. Technical Analytical Outlook -Capital TRUST Research
Sri Lanka successfully launched and priced a US$ 1.0 billion 10-year International Sovereign Bond offering at a fixed-rate yield of 5.875%, the Central Bank of Sri Lanka (CBSL) said Tuesday in a statement. The issue was oversubscribed 10.5 times at US$ 10.5 billion with orders from 425 accounts and the tighter yield reflects the improved confidence the international investors have placed in the sovereign bond issuance of Sri Lanka, the Central Bank said
Sri Lankan government considering fuel price revision
Sri Lanka's Ministry of Petroleum Industries says it is considering a price revision of fuel to pass the benefits of the declining oil prices in the world market to the public if the downward trend in prices continued. The Ministry has said that the government will make a decision on revising fuel prices after considering further reduction of prices during the next few weeks.
Sri Lanka receives US$ 427 m IMF loan
The International Monetary Fund on Monday approved a $427 million loan for Sri Lanka, as part of its Stand-by arrangement for Sri Lanka. The Washington-based lender said that Sri Lanka's economic recovery continued in 2011, but easy access to credit and a rigid exchange rate had helped extend long-running trade imbalances. Last year's trade deficit hit nearly $10 billion, or a fifth of the country's GDP, imposing a massive strain on the country's dwindling foreign reserves and leaving the island exposed to external shocks.
IMF starts talks with Sri Lanka on a new loan
The International Monetary Fund, which has just fully disbursed a $2.6 billion loan to Sri Lanka, said on Monday it has begun talking with authorities in Colombo about arranging a new credit called an extended fund facility. Koshy Mathai, the IMF's resident representative in Sri Lanka, said there has been a "very preliminary discussion" with the government on a new facility.He said the IMF wanted to "move to a new kind of arrangement, a sort of higher level of arrangement, where we are able to focus on macroeconomic goals we already have."
Sri Lanka's central bank governor tips rupee to strengthen after months of falls.
The Sri Lankan rupee is likely to strengthen toward the end of the year as import volumes cool after months of depreciation, Sri Lanka's central bank governor told Dow Jones Newswires. In a telephone interview, Ajith Nivard Cabraal also tipped economic growth to pick up from next year, and expressed hopes that more Sri Lankan companies would follow the sovereign's lead and tap the international bond markets for funding. Having seen its reserves build to a record high of US$8.2 billion in 2011, the Central Bank of Sri Lanka in February decided to limit its intervention in the currency market as part of a wider package of policy measures to strengthen the external economy. The dollar has appreciated by around 16% against the Sri Lankan rupee since the start of 2012. That is on top of a 3% devaluation of the Sri Lankan currency announced by the country's government in November.
"We definitely see the rupee strengthening once the import demand has reduced as we have planned," Mr. Cabraal said. "We feel confident that the adjustment will be a little more marked toward the latter part of the year."
Sri Lanka interest, FX rates to stabilise after $1 bln bond inflow-Treas Sec
July 24 (Reuters) - Sri Lanka's ailing rupee currency and rising interest rates will stabilise with the $1 billion of inflows from the country's latest 10-year sovereign bond, Treasury Secretary P.B. Jayasundera said on Tuesday. Colombo sold the bond last week at a 5.875 percent yield after being oversubscribed more than 10 times, and the money is expected to flow into the market on Wednesday. P.B. Jayasundera said $500 million of the bond will be kept aside to retire the country's debut $500 million sovereign bond maturing in October, while the rest will be sold in the market.
'The market will be liquid and the market should be able to ease the interest rate. So I can assure you interest rates won't go up,' he told Reuters in an interview. 'Exchange rate pressure will also drop.'
Market Pauses As PBJ Meets the SEC and The CSE!!!
The market decline stopped yesterday on the news that the Treasury Secretary was due to meet the SEC and the CSE to instruct them to revive the market with new ideas and be practical. The market will remain sluggish until direct action by the H.E. to get their grievances redressed. Monitory and fiscal policy measures appear to be delivering results as the country’s once ballooning trade deficit is shrinking, largely owing to a slowdown in imports-Remittance end May up 17.7% to $2,475m , Tourism earnings end May up 25% to 397m , FDIs at end May $ 437m,CSE in 1H net $187m , Net flows to T Bills and Bonds 1H $ 441m , Long term flows to Govt. end May $ 633m, Commercial Bank borrowings in 1H $927.5m. Rupee continued to remain stable and the Treasury bill yields eased a bit at yesterday’s auction reversing the upward trend. With the exchange rate and the interest rates stabilizing there is every possibility that the market too would stabilize and start moving ahead from here. Technical Analytical Outlook -Capital TRUST Research
Last edited by GMNet on Fri Jul 27, 2012 3:41 pm; edited 2 times in total
