Category: Economy and Markets
Sri Lanka stocks close 0.2-pct lower, rupee stronger
Dec 03, 2012 (LBO) – Sri Lanka stocks closed 0.2 percent lower Monday amid thin trading, with some large cap stocks losing ground, while the rupee gained against the dollar, brokers and dealers said. The rupee opened at around 129.80/130.00 against the US dollar in the spot market and closed around 129.30/40 levels, after trading […]
‘s inflation accelerates to 9.5-pct in November
Nov 30, 2012 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 9.5 percent in November 2012 from a year earlier, accelerating from 8.9 percent a month earlier, data from the state statistics office showed. The Colombo Consumer Price Index rose 1. 3 percent to 167.1 points during the month, with the food component […]
‘s Seylan Bank to list up to Rs2.0bn in debt
Nov 30, 2012 (LBO) – Sri Lanka’s Seylan Bank will to sell up to 2. 0 billion rupees of public listed debentures maturing in five years, abandoning an earlier plan to privately place the securities. Seylan Bank said in a stock exchange filing that it will offer to sell one billion rupees of debentures and […]
”’: Fitch
Nov 29, 2012 (LBO) – Fitch Ratings has downgraded Sri Lanka’s HDFC Bank, a mortgage lender by one level to ‘BBB(lka)’ as its profits came under pressure from rising interest rates. “The downgrade reflects the bank’s inability to swiftly re-price its existing housing loan portfolio to avert deterioration in profits as market interest rates started […]
‘s Treasuries yields edge up at auction
Nov 28, 2012 (LBO) – Sri Lanka’s Treasuries yields edged up across maturities with the three month rate moving up 05 basis points to 10. 79 percent at Wednesday’s auction, data from the state debt office showed. The 6-month yield rose 02 basis points to 12. 09 percent and the 12-month yield rose 04 basis […]
”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 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 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 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 […]