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Sri Lanka’s Dollar Bonds Weaker on Debt Deal Concerns Ahead of Election
August 22, 2024
Sri Lanka’s dollar bonds were trading weaker, and have been trending lower since mid-June. As the presidential election is scheduled for September 21, Bloomberg notes that investors believe that the completion of a debt restructuring agreement with creditors may get pushed back. As per Bloomberg indexes, Sri Lanka’s dollar bonds have been among the worst performing EM debt after Lebanon since mid-June. The nation had struck a preliminary deal in July to restructure $12.6bn of bonds. This needs get the backing of the IMF and bilateral creditors like China and France. The island nation is still undergoing discussions on the debt restructuring process, with its Junior Finance Minister not specifying any time period for the final agreement. Questions still linger around whether the restructuring deal treats all creditors fairly amid other areas of clarification.
Sri Lanka’s 6.85% 2025s were down 0.5 points to 56.18 cents on the dollar.
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