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Bond Market News
Sri Lanka’s Bonds Jump on IMF Program Deal Consultation
October 7, 2024
Sri Lanka’s dollar bonds jumped by 1-2.5 points across the curve after its newly elected President, Anura Kumara Dissanayake held his first meetings with the IMF and initiated steps to move forward with the nation’s debt restructuring. The IMF appreciated the President’s willingness to commit to the programme’s goals and agreed to discuss the alternative approaches proposed by the Sri Lankan government and initiation of the third review of the programme. In addition, Sri Lanka’s finance ministry said that its $12.5bn bondholder debt restructuring deal struck last month received support from bilateral creditors and the IMF. Sri Lanka received formal confirmation from the Official Creditors Committee that the terms of the debt restructuring deal met the ‘Comparability of Treatment’ principle. Sri Lanka’s finance ministry appointed Citigroup as the dealer manager for its nation’s sovereign bond exchange and said that the process of issuing new bonds was likely to be completed within 10 weeks, according to the statements released.
Its 7.85% 2029s jumped 2.3 points higher to trade at 58.8 cents on the dollar.
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