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Bond Market News
Sri Lanka’s Dollar Bonds Rise After Holding Talks with Bondholders
November 1, 2024
Sri Lanka’s dollar bonds rose by over 1.1 points across the curve after having had talks with its bondholders in Washington to discuss its dollar bond debt exchange to exit default. The talks happened on the sidelines of the IMF/World Bank meetings in Washington this week. As per sources, Citibank will take charge as the manager for a consent solicitation as the next steps for the nation. Sri Lanka’s central bank Governor Nandalal Weerasinghe said that the next review of the IMF program will be delayed due to a general election on November 14. Separately, the central bank governor also said he does see a scope to loosen monetary policy. However, he added that any decision will ultimately depend on the economic outlook. Its benchmark rate currently stands at 9.25%.
Sri Lanka’s dollar bonds have rallied this week – for instance, its 7.55% 2030s have risen 2.8 points to 62.5 cents on the dollar, yielding 18.9%.
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