Oct 31, 2008 (LBO) - Sri Lanka's bond yields spiked than 100 basis points and secondary market yields more than 100 basis points at this week's auction. On Thursday the central bank broke a US dollar peg at 108.00 rupees and is now defending a new rate of 110.00 rupees. The 2-year bond yield shot up 110 basis points to an average yield of 20.43 percent, while the three year bond rates shot up 103 basis points to 19.22 percent, the government's debt office, which is a unit of the central bank, said.
In the secondary market Friday, a bond maturing in 2012 was quoted at 20.25/50 percent dealers said.
A bond maturing in April 2010 was being offered at rates as high as 21.
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50 percent dealers said.
Foreign hedge funds that bought into Sri Lanka rupee securities are now selling out.
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