Category: Economy and Markets
Sri Lanka shoemaker downgraded after VAT
Apr 11, 2014 (LBO) – Sri Lanka’s DSI Holdings Plc, which owns a tariff protected shoe business has been downgraded to ‘BBB(lka)’ from ‘BBB+(lka)’ weaker cashflows after the imposition of value added tax on retail sales. At the new level, which is still in the investment grade, the outlook was stable, Fitch said. “DSIHL’s leverage […]
Sri Lanka sovereign bond will not impact exchange rate: CB Governor
Apr 10, 2014 (LBO) – Sri Lanka’s 500 million US dollar sovereign bond sale this week will not impact the exchange rate as the Central Bank is expected to buy the proceeds, though foreign reserves will go up, Governor Nivard Cabraal said.In order to retain the dollars permanently in the foreign reserves and not cause […]
Sri Lanka stocks close lower
Apr 10, 2014 (LBO) – Sri Lanka’s stocks close down 0.14 percent lower with index heavy stocks losing ground amid thin foreign participation on the bourse, brokers said. Dialog Axiata closed 10 cents lower at 9.10 rupees and Asiri Hospital Holdings closed 1.50 rupees lower at 21.50 rupees. Hemas Holdings closed 1.40 rupees higher at […]
‘s interest rates “appropriate” to current conditions: CB Governor
Apr 09, 2014 (LBO) – Sri Lanka’s interest rates “appropriate” to current conditions where returns particularly on deposits of senior citizens have fallen sharply, Central Bank Governor Nivard Cabraal said.Sri Lanka’s inflation has fallen to around 4 percent in the past quarter and one year deposit rates in commercial banks are around 6 to 7 […]
Sri Lanka shares close up 0.2-pct
Apr 09, 2014 (LBO) – Sri Lanka’s shares close up 0.19 percent higher with index heavy stocks gaining amid strong foreign buying, brokers said. Bukit Darah closed 10.60 rupees higher at 574.80 rupees and John Keells Holdings closed 1.10 rupees higher at 239.90 rupees. JKH’s W0022 warrants closed 10 cents lower at 69.20 rupees and […]
”’ transferred to budget
Apr 09, 2014 (LBO) – Sri Lanka’s central bank lost 24.2 billion rupees in 2013, down from profits of 66.2 billion rupees, but the bank had transferred 25 billion rupees in profits to the state budget, its annual accounts showed.Other than interest income from its forex assets, a central bank primarily makes profits from inflation, […]
‘s Hemas Holdings billion rupees debt offer to open April 23
April 08, 2014 (LBO) – A billion rupee listed debt offer by Sri Lanka’s Hemas Holdings will open on April 23, the Colombo Stock Exchange said. Hemas will offer 5 million 100 rupee debentures and another 5 million debentures if the first tranche is oversubscribed. Fitch has rated the debt ‘A+(lka)’.
Sri Lanka 5-year yield a new benchmark: Standard Chartered
Mar 08, 2014 (LBO) – Sri Lanka’s 5-year bond at 5.125 percent set a new benchmark and showed investor appetite for the country’s credit, Standard Chartered Bank, a joint lead arranger to the sale said. Yields on emerging market bond spiked in the second half of 2013 amid uncertainty over a decision by the US […]
Sri Lanka sells US$500mn bonds at 5.125-pct; oversubscribed 8.3 times
Apr 08, 2014 (LBO) – Sri Lanka has sold a 500 million dollar 5-year bond to yield 5.125 percent a year, lower than a 6.0 percent paid in January, with the offer oversubscribed 8.3 times. Fund managers took 81 percent of, banks 13 percent, private banks 3 percent and insurers 3 percent. Sri Lankan bonds […]
HSBC in seven Sri Lanka sovereign bond sales in a row
Apr 08, 2014 (LBO) – HSBC said it had helped lead manage all seven sovereign bond sales for Sri Lanka since 2007 following the latest sale Monday of 500 million US dollar 5-year bond for 5.125 percent. Public debt is managed for the Treasury by the Central Bank of Sri Lanka (CBSL). “We feel it’s […]
Sri Lanka expects 7.8-pct growth in 2014 despite drought
Apr 08, 2014 (LBO) – Sri Lanka is expecting 7.8 percent growth in 2014, officials said despite a drought that is hurting agriculture and requiring more credit for power subsidies, which has de-stablised the economy in the past.“The drought is worrying us to some extent,” Central Bank Governor Nivard Cabraal said. “In the agricultural side […]
Sri Lanka shares close up 0.4-pct
Apr 08, 2014 (LBO) – Sri Lanka’s shares close up 0.39 percent higher with diversified John Keells Holdings gaining amid favorable bond market conditions, brokers said. Asian Hotels and Properties closed 2.00 rupees higher at 65.00 rupees and HNB closed 2.80 rupees lower at 150.20 rupees. Carson Cumberbatch closed 4.00 rupees lower at 361.00 rupees […]