Category: Economy and Markets
S&”’
July 12, 2016 (LBO) – S&P Global Ratings has assigned its ‘B+’ long-term issue rating to the global bond issued by Sri Lanka (B+/Negative/B). The senior unsecured bond constitutes direct, unconditional, unsubordinated, and unsecured general obligations of the issuer, and payments will be backed by the full faith and credit of Sri Lanka. The dual tranche […]
‘s sovereign bond orders hit USD5.5 bln, govt raises USD1.5 bln (Updated)
July 12, 2016 (LBO) – The Central Bank of Sri Lanka on behalf of the government successfully raised 500 million dollars through 5.5-year sovereign bonds and one billion dollars through 10-year sovereign bonds The Central Bank said the “successful issuance” was Sri Lanka’s 10th US Dollar bond issuance and the first dual-tranche offering. The Bonds […]
‘s sovereign bond orders top USD4.5 bln: source
HONG KONG/COLOMBO July 11 (Reuters) – Sri Lanka’s first dual-tranche sovereign bond orders exceeded $4.5 billion while the final guidance for both tranches fell at least 25 basis points from the initial guidance, a source close to the deal told Reuters. The source said the final guidance for the 5.5-year tranche was about 5.8 percent […]
PTL Watch: Yields ease ahead of sovereign bond issue
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VAT increase will apply after Parliament approval: Prime Minister
July 11, 2016 (LBO) – The Supreme Court’s interim order issued today suspending VAT increase is not expected to have any adverse impact on the government’s revenue collection, Prime Minister said. Releasing a statement Prime Minister Ranil Wickramasinghe said the VAT (Amendment) Bill has already been presented to the Parliament for the first reading on […]
”s global bond offering
July 11, 2016 (LBO) – Moody’s Investors Service has assigned a provisional rating of (P)B1 to Sri Lanka’s announced US-dollar denominated bond offering. The Government of Sri Lanka’s issuer rating is B1, with a negative outlook. Moody’s said it expects to remove the provisional status of the rating upon the closing of the proposed issuance and a […]
‘s BOI signs 46 new Investment agreements in June
Jul 11, 2016 (LBO) – The Board of Investment of Sri Lanka has signed 46 new investment agreements totaling 982 million US dollars, a statement said. The projects cover manufacturing, construction, mixed development, hotel, mini hydro power, trading house, solar power, apparel, research and development and education. Around 8,000 new direct employment opportunities will be created, the […]
Supreme Court issues interim order suspending VAT increase
July 11, 2016 (LBO) – Sri Lanka’s Supreme Court has issued an interim order to suspend the Value Added Tax (VAT) increase. The order was issued after considering a petition to revoke the decision filed by an attorney representing three persons including National Freedom Front leader Wimal Weerawansa, media reports said. The petition also argued […]
Sri Lankan rupee falls as foreign investors prefer new eurobonds
July 12, 2016 (Reuters) – The Sri Lankan rupee fell on Tuesday on a lack of exporter dollar conversions and as foreign investors cut down on rupee bond buying in favour of a new higher-yielding sovereign debt, dealers said. Sri Lanka raised $1.5 billion in its first sale of dual-tranche eurobonds on Monday, although at a […]
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July 11, 2016 (LBO) – Brexit could heighten balance of payment pressure over Sri Lanka in the event that there was severe and prolonged market volatility, Moody’s Investors Service said in a research report. Releasing a report which is one of a series on the impact of Brexit on sovereigns in different regions, Moody’s said […]
Asia stocks rally on US jobs relief, BoE looms
July 11 (Reuters) – Asian share markets enjoyed a relief rally on Monday as upbeat U.S. jobs data lessened immediate concerns about health of the world’s largest economy, though long-run fallout from Brexit kept sovereign yields near record lows. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.75 percent, While Australia added 1.3 percent. […]
ADB assures support for Sri Lanka including capital market reforms
Jul 11, 2016 (LBO) – The Asian Development Bank (ADB) says that Sri Lanka can aim for higher growth by boosting its private investments, connectivity and capital market reforms. “The government’s public finance management reform initiative will help maintain macroeconomic stability, which is important to the country,” Wencai Zhang, vice president, Asian Development Bank (ADB), […]