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Sri Lanka Strikes $12bn Restructuring Deal with 28% Haircut
July 4, 2024
Sri Lanka and its creditors have reached a restructuring agreement for $12bn of its debt, according to a statement released yesterday. Creditors and the island nation agreed to a framework that included notes linked to economic performance and a governance-linked structure as part of plain vanilla instruments. Its ad hoc bondholder group holding ~50% of Sri Lanka’s outstanding offshore debt agreed to take a 28% nominal haircut as part of the framework. This group consisted of Amundi Asset Management, BlackRock, Eaton Vance Management, Grantham, Van Otterloo & Co., Morgan Stanley Investment Management and T. Rowe Price Associates, among others. The deal will help restore access to international markets for Sri Lanka and help tap funding from the IMF. Sri Lanka had already reached the final restructuring agreement for its bilateral debt last week.
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