Sri Lanka bond cheers emerging market investors
A $1 billion bond issue by Sri Lanka was heavily oversubscribed. With war over, is the nation a good bet?
The Republic of Sri Lanka returned to the international bond market in September with a $1 billion 10-year issue, the proceeds of which will be used for infrastructure projects and to help refinance existing debt. The B+ rated deal was six-and-a-half times oversubscribed; a level of demand that helps explain why the bonds have subsequently traded comfortably within double-B territory in the secondary market.
Avinash Thakur, director in the Asian debt capital markets group at Bank of America
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