Category: Economy and Markets
” by S & P
July 17, 2012 (LBO) – A sovereign bond launched by Sri Lanka Tuesday has been rated ‘B+’ with a stable outlook, by Standard and Poor’s on post-war growth prospects and planned fiscal reforms. However the rating was affected by weak external liquidity, increasing external debt, fundamental fiscal weaknesses, and political institutions that lack transparency and […]
Sri Lanka sovereign bond price guidance tightened
July 17, 2012 (LBO) – The price guidance on a 10-year billion US dollar bond by Sri Lanka has been narrowed to around 5.875 to 6.0 percent from an initial rate of 6.125 percent, in the wake of a strong order book, sources said. Sri Lanka raised a billion dollars last year at 6.25 percent […]
Sri Lanka in push for stronger economic ties with US
July 17, 2012 (LBO) – Sri Lanka is pushing for stronger economic ties with the United States which will strengthen overall diplomatic relations between the two countries, a top diplomat said. “At this point we have a very straightforward and genuine relationship with the US,” Sri Lanka’s envoy to the United States, Jaliya Wickremasuriya said. […]
Sri Lanka stocks down 0.5-pct, rupee weaker
July 17, 2012 (LBO) – Sri Lanka’s stocks fell 0.5 percent Tuesday, with large cap stocks including banks losing ground, in a day which a billion US dollar bond was launched in international capital markets, brokers said. Analysts say if the bond proceeds are bought by the Central Bank and large volumes of rupees dumped […]
Sri Lanka money markets tight, rupee steady
July 16, 2012 (LBO) – Sri Lanka’s cash markets were tight Monday with overnight gilt backed money quoted at 9. 55/65 percent very close to the Central Bank’s policy rate despite some excess liquidity, and the rupee was steady against the US dollar, dealers said. The rupee opened somewhat wide at 133.70/90 to the US […]
Sri Lanka lowers food taxes, gas price allowed to fall
July 14, 2012 (LBO) – Sri Lanka has cut excessively high taxes on several imported foods improving the food freedoms of the poorest sections of the population and has also allowed cooking gas prices to fall. Sri Lanka was pushed into a balance of payments crisis in 2011 by credit taken to manipulate oil prices […]
Sri Lanka bond investors can maintain portfolio: Standard Chartered
July 13, 2012 (LBO) – Sri Lankan bonds had a neutral position in a Standard Chartered credit model and investors looking to buy bonds should go for new issues, which were better priced, rather than buy in the secondary market, Standard Chartered Bank said. Sri Lanka’ balance of payments is expected to be in surplus […]
‘s central bank kills liquidity in outright bill sales
July 13, 2012 (LBO) – Sri Lanka’s central bank has sold 2. 1 billion rupees of Treasury bills in its portfolio to yield 10.92 percent Friday, in the second such transaction for the week, dealers said. The rupee strengthened to around 133.83/85 levels in late trading, dealers said. Update/recast On July 11, the Central Bank […]
Sri Lanka stocks steady, rupee weaker
July 12, 2012 (LBO) – Sri Lanka’s stocks closed marginally higher Thursday while the rupee closed weaker from opening, brokers and dealers said. The Colombo All Share Price Index closed up 0.08 percent at 4,872.06 points and the S&P SL20 index of large cap stocks closed 0.17 percent higher at 2,780.34. Turnover was 336 million […]
Sri Lanka LOLC given (SL) A- rating
July 12, 2012 (LBO) – Sri Lanka’s Lanka Orix Leasing Company Plc, has been rated ‘[SL] A-‘ with a stable outlook by ICRA Ltd, an associate of Moody’s Investors Service. “The rating factors the LOLC Group’s long track record of profitable operations, its position as the market leader in the Sri Lankan leasing business market, […]
Sri Lanka Treasuries yields up
July 11, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction with three months yields gaining most by 14 basis points to 11. 34 percent, data from the state debt office showed. The 6-month yield increased 09 basis points to 12.86 percent and the 6-month yield rose 11 basis points to […]
Sri Lanka holds policy rates, credit slowing, IMF targets met: CB
July 11, 2012 (LBO) – Sri Lanka is holding its key interest rates at which money is injected into the economy at 9.75 percent amid rising inflation, though credit and money supply growth is starting to slow, the Central Bank said. In February energy prices were raised, the exchange partially floated to reduce the need […]