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Bond Market News
Sri Lanka Reaches Restructuring Agreements on $10bn of Debt
June 27, 2024
Sri Lanka has reached final restructuring agreements worth $10bn – an MoU to restructure $5.8bn of debt with the group of official creditors led by France, India and Japan and; an agreement on $4.2bn of debt with China’s Exim Bank. With this, Sri Lanka can now allocate funds to essential public services and obtain concessional funding for development needs. The nation’s president said that it allows them to delay debt payments to foreign countries until 2028, whilst also repaying loans on concessional terms until 2043. Negotiations with dollar bondholders and final terms of debt restructuring talks with China Development Bank are yet to be completed. The talks are essential for Sri Lanka to continue receiving further funds from the IMF’s allocated $3bn EFF program.
Sri Lanka’s 7.85% 2029s traded stable at 59.6 cents on the dollar.
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