Only 92 million US dollars in bonds out of a total of 100 million was sold through an auction and the balance was sold through a 'placement' in the March sale.
Updated The government is offering 175 million US dollars of 2-year bonds and 100 million US dollars of 3-year bonds for subscription starting Monday.
The issue is closing on June 18, with the date of settlement set for June 30.
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A 275 million US dollar tranche of 2-year bonds are maturing this month and the government is extending the tenure of a part of it by selling 3-year bonds, an official said.
The bonds called 'Sri Lanka Development Bonds' have a ready market among domestic buyers including banks that have access to foreign exchange and come with attractive tax benefits.
The minimum subscription is 100,000 US dollars.
In March 2010, the government sold 45 million US dollars in 2-year bonds at 380 basis points above the 6-month London interbank offered rate.
At the same time it sold another 55 mil