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Sri Lanka’s Dollar Bonds Drop on Restructuring Disagreements
April 17, 2024
Sri Lanka’s dollar bonds dropped by as much as 3 points across the curve after its first round of talks with dollar bondholders failed to reach an agreement. In an official statement, the government said that it “reiterated its reservations regarding the structure of the macro-linked bonds (MLBs)”. Given the disagreement, the government said that it wanted to reach “common ground in the next few weeks”. This comes just ahead of the IMF program’s second review of Sri Lanka, after the island nation secured an initial $337mn payout approval from the IMF in March. Analysts note that if talks between Sri Lanka and bondholders breakdown, then the risks for a delayed restructuring will increase.
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