Category: Economy and Markets
”’ by Fitch
Aug 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank’s planned dollar denominated bond has been given an expected rating of ‘BB-‘ by Fitch Ratings. “Fitch believes that the issue of the notes by NSB is closely linked with government policy requirements,” the rating agency said. The proceeds are likely to be used to […]
‘s bond road show to begin on Aug 26
Aug 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank will kick off a road show from August 26 to sell a dollar bond depending on market conditions, market sources said.Bloomberg newswires said investor meetings will be held in New York, Boston, Los Angeles, London and will wrap up on September 03 in Singapore. […]
S&’s RAM Ratings
Aug 22, 2013 (LBO) – US-based Standard and Poor’s Rating Services said it had increased a stake in RAM Holdings Berhad of Malaysia, the parent of RAM Ratings. S&P has raised its stake to 1.2 percent to 6.1 percent. S&P had first bought into RAM in 2011 with a 4.9 percent stake. .
Sri Lanka bond yields up
Aug 22, 2013 (LBO) – Sri Lanka’s bond yields spiked Thursday with a 5-year bond popular among foreign investors quoted as high as 11.70/75 percent, dealers said. Sri Lanka has also lost forex reserves amid looser monetary policy and some capital repayments but credit growth is weaker at the moment. The 5-year bond maturing on […]
‘s Softlogic to sell a billion rupees in debt
Aug 22, 2013 (LBO) – Sri Lanka’s Softlogic Holdings will sell up to a billion rupees in listed debt, the Colombo Stock Exchange said. The company will offer 5 million rupees of rated debt at 100 rupees each, with a option to issue another 5 million if the first tranche is oversubscribed. Subscriptions will open […]
ADB says Asian nations need at least 18-pct industry to be rich
SINGAPORE, August 21, 2013 (AFP) – Growth-hungry Asian economies which bypass industrialisation and leapfrog from agriculture to the services sector may fall into a “middle income trap”, the Asian Development Bank (ADB) cautioned Wednesday.ADB chief economist Changyong Rhee said the region’s low-income economies should focus on developing their manufacturing sectors, which would in turn generate […]
Sri Lanka Treasuries yields steady, 3-month rejected
Aug 21, 2013 (LBO) – Sri Lanka’s Treasuries yield were steady at Wednesday’s auction with six and 12-month yields easing one basis point, data from the state office showed.The 6-month yield eased one basis point to 9.65 percent and the 12-month yield also eased a basis point to 10.55 percent. Bids for 3-month bills were […]
Sri Lanka stocks slide 1.7-pct on large caps
Aug 21, 2013 (LBO) – Sri Lanka’s stocks plunged 1.7 percent Wednesday as three large capitalized stocks that had taken the market up in recent weeks, lost ground, brokers said. The benchmark Colombo All Share Index closed 107.6 points lower at 6,116.67 down 1.73 percent and the S&L20 Index slid 1.7 percent to close at […]
Sri Lanka mulls listing dollar corporate bonds
Aug 19, 2013 (LBO) – Sri Lanka’s Securities and Exchange Commission is in talks with the central bank over permitting dollar denominated corporate bonds to be traded on the stock exchange, an official said. “We are talking to central bank to allow companies to issue dollar bonds,” SEC chairman Nalaka Godahewa told a forum organized […]
”’ rating confirmed: Fitch
Aug 19, 2013 (LBO) – Sri Lanka’s John Keells Holding’s ‘AAA(lka)’ rating has been confirmed by Fitch with a stable outlook, saying the group has cash reserves and low leverage. -Gross debt/EBITDA at holdco being sustained above 4.0x (FYE13: 0.86x) -Introduction of significant refinancing risk at holdco or group over the medium-term -Impaired business risk […]
‘s Jaffna peninsula seeks more trade and investment
Aug 18, 2013 (LBO) – Sri Lanka’s northern Jaffna peninsula, which has emerged from a 30-year civil war, has untapped potential for greater investment and trade officials said. “The area has a high cash flow where at least one member of the family or relations is living in overseas,” Aasim Mukthar , general manager of […]
The bond market, yields and risk: how they work
PARIS, August 18, 2013 (AFP) – The market for debt issued by governments is huge and global, and it provides benchmarks for interest rates across national economies, in addition to official central bank rates. The market is known as the sovereign debt market, or the fixed income market. This is because most government debt is […]