Category: Economy and Markets
”s Leasing rating unchanged: S&P
Nov 27, 2012 (LBO) – The conversion of Sri Lanka’s People’s Leasing and Finance into a licensed finance company would imposed a higher regulatory capital charge but its ‘B+’ stable rating would remain unchanged, Standard and Poor’s said. People’s Leasing and Finance is expected to become a licensed finance company (LFC) in mid 2013 and […]
‘s Leasing to sell Rs2bn worth CP
Nov 27, 2012 (LBO) – Sri Lanka’s Peoples Leasing and Finance will sell 2.0 billion rupees of commercial paper with a tenor of up to an year, which has been given an ‘F1+(lka)’ short term rating, Fitch Ratings said. People’s Leasing has a ‘B+’ international rating and ‘AA-(lka)’ domestic long term rating. The firm is […]
Sri Lanka credit to business slows; dollar loans contract in Sept
Nov 26, 2012 (LBO) – Sri Lanka’s credit given to private business from banks commercial banks fell to 9. 8 billion rupees in September 2012, the lowest since 2009, with dollar denominated loans contracting, though the rupee book was still growing, official data showed. Sri Lanka’s credit contracted in nominal terms during 2009, following the […]
Sri Lanka gilt yield curve develops new kink
Nov 26, 2012 (LBO) – A new kink has developed in Sri Lanka’s government bond yield curve with the five year bond rates falling below the four and six year yields during November, dealers said. Sri Lanka usually represses Treasury bill yields when credit demand expands, preventing the banking system and the economy from adjusting […]
Sri Lanka stocks slip 0.4-pct, turnover dips
Nov 26, 2012 (LBO) – Sri Lanka’s stocks closed 0.4 percent lower Monday while turnover dipped to 115 million rupees, levels not seen for three years, amid weak demand, brokers said. On Monday People’s Finance rose 2.60 to close at 33.80 rupees. The firm is due to be merged with its larger parent People’s Leasing […]
Sri Lanka Bank of Ceylon raises Rs6.0bn from bonds
Nov 25, 2012 (LBO) – State-run Bank of Ceylon said it had raised 6. 0 billion rupees in subscriptions from a debentures and closed the offer on November 23, making it the biggest even rupee bond sale by a Sri Lanka based financial institution. The bonds came with floating and fixed coupons, with one type […]
‘s Finance on upgrade track
Nov 23, 2012 (LBO) – Sri Lanka’s People’s Finance Plc, has been placed on rating watch positive by Fitch Ratings, putting it on track to be upgraded by two levels to ‘AA-(lka)’ once a merger with its parent, People’s Leasing and Finance Plc, is completed. The full statement is reproduced below Fitch Places People’s Finance […]
Sri Lanka listed debt holders may get trading facilities soon
Nov 21, 2012 (LBO) – Sri Lanka’s listed debt holders will get better facilities to trade and exit their investments with a new trading system officials said with the possibility of restrictive margin requirement which had all but killed transactions, being relaxed. Though they deal billions of rupees worth of stocks without margin, the requirement […]
Sri Lanka Treasuries yields up
Nov 22, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction with the 12-month yield rising as much as 08 basis points to 12. 81 percent, data from the state debt office showed. The bills stock which was around 206 billion rupees a last week rose to 212 billion rupees on […]
Sri Lanka stocks extend losses
Nov 21, 2012 (LBO) – Sri Lanka stocks extended losses, sliding 1.3 percent Wednesday on top a 1.2 percent fall a day earlier with losses across the board with some margin calls also contributing, brokers said. Sri Lanka’s stocks have now fallen over 600 points from an early October peak. Stocks went through a mini […]
Sri Lanka Bank of Ceylon bond sale gets Rs4.0n in applications
Nov 20, 2012 (LBO) – A debenture sale by state-run Bank of Ceylon has so far received 4. 0 billion rupees worth subscriptions, the lender said in a stock exchange filing. The bank offered 3.0 billion rupees of 5-year debentures and said it would offer a further 3. 0 billion if the first tranche was […]
Sri Lanka could benefit from greater private investment: World Bank MD
Nov 19, 2012 (LBO) – Sri Lanka has shown high debt-backed investment led growth when the rest of the world was slowing but to attract long term “good quality” investors, a better environment is needed, a top World Bank official said. Sri Lanka’s fiscal side was improving with debt levels while falling from high of […]