Category: Economy and Markets
Sri Lanka bond gets US$6.8bn bids from 269 investors
Oct, 16, 2009 (LBO) – A 500 million US dollar sovereign bond by Sri Lanka has drawn 6.8 billion US dollars in bids from 269 buyers pushing yields lower than expected on strong country prospects and high demand. Fund managers got 78 percent of the bonds, banks 8 percent, retail 7 percent, 4 percent to […]
Sri Lanka to present 4-month budget in November
Oct 16, 2009 (LBO) – A four-month mini budget is expected to be presented to parliament in November seeking approval for Sri Lanka’s government to spend 362 billion rupees collected from the people through taxes or borrowed. Sri Lanka has a bloated public sector that does not pay income tax on their salaries and more […]
Sri Lanka post-war re-construction draws US firms
Oct 16, 2009 (LBO) – American companies are keen to invest in Sri Lanka with the end of the ethnic war to help rebuild the economy and contribute to national reconciliation, government officials from both countries said.Export Development and International Trade Minister Gamini Lakshman Peiris said some of America’s biggest companies had sent representatives to […]
Sri Lanka sovereign bond may yield 7.75-pct: report
Oct 15, 2009 (LBO) – A 500 million US dollar denominated bond maturing in 2015 now being sold by Sri Lanka may yield about 7.75 percent a year, lower than Sri Lanka’s first sovereign bond issued in 2007, a media report said. Foreign reserves have topped 4.4 billion US dollars from a low of around […]
Sri Lanka leader takes aim at international lenders
October 15, 2009 (AFP) – Sri Lanka’s president on Thursday accused international financial institutions of placing too heavy a burden on developing nations by demanding they slash subsidies in exchange for help. President Mahinda Rajapakse told a meeting of the 31-member Asian Cooperation Dialogue in Colombo that elimination of poverty in developing nations “should not […]
””: S&P
Oct 15, 2009 (LBO) – Standard & Poor’s has lifted the outlook on Sri Lanka’s ‘B’ sovereign rating to ‘positive’ from ‘stable’ expecting that a program with the International Monetary Fund would be completed, the rating agency said. “The swift recovery in Sri Lanka’s foreign currency reserves is propelled by both fundamental and market factors,” […]
Sri Lankan shares becalmed, retailers take profits
Oct 14, 2009 (LBO) – Sri Lankan stocks closed flat Wednesday as retail investors took profits from an overheating market, while banking stocks made further gains, brokers said. “With the activity improving the market depth has improved giving rise to higher liquidity levels which is an additional catalyst to foreign investors,” Samarasinghe said. Touchwood Investments […]
Sri Lanka 6-month Treasuries fall to single digits
Oct 14, 2009 (LBO) – Sri Lanka’s 6-month Treasury bill yield moved to single digits falling 29 basis points to 9.81 percent at Wednesday’s auction, and the 3-month yield fell 11 basis points to 9.15 percent, the government’s debt office said. Sri Lanka’s longer term bill yields have also been falling steadily.The central bank has […]
Dollar weakens, gold, oil, Euro soars
NEW YORK, October 13, 2009 (AFP) – The dollar faced more headwinds Tuesday and the euro leapt to a new 2009 high on the greenback, as rising economic confidence whetted investors’ appetite for the riskier assets. The euro earlier in the day fell as low as 1.4762 dollars after publication of Germany’s ZEW survey which […]
” by Fitch
Oct 14, 2009 (LBO) – An upcoming US dollar denominated sovereign bond issue by Sri Lanka which is due to mature in 2015 has been rated ‘B+’, in line with the country’s long term foreign currency rating, Fitch Ratings said. “A more robust revenue performance would provide greater fiscal flexibility in addressing post-war spending needs, […]
” by S&P
Oct 14, 2009 (LBO) – Standard and Poor’s has give a ‘B’ rating to an upcoming 500 million US dollar sovereign bond by Sri Lanka maturing in 2015, with a ‘stable’ outlook citing a deal with the International Monetary Fund that has improved foreign reserves. “The sovereign credit ratings on Sri Lanka take into account […]
Sri Lanka asks expats help rebuild war-hit regions
October 12, 2009 (AFP) – Sri Lanka on Monday announced plans to tap its expatriate community to help rebuild the island’s war-ravaged areas and encourage much-needed foreign investments.President Mahinda Rajapakse has invited leading Sri Lankans abroad for a meeting to discuss investment opportunities following the crushing of Tamil separatists in May after nearly four-decades of […]