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Sri Lanka cautioned against high yield foreign debt by IMF
Sept 26, 2013 (LBO) – Sri Lanka has to be careful of borrowing from abroad at high rates, amid low growth and flat state revenues, an International Monetary Fund official said.Todd Schneider who headed an IMF mission in the wake of a successful 2.6 billion US dollar bailout, said Sri Lanka’s public debt dynamics were […]
Sri Lanka Treasuries yields steady
Sept 25, 2013 (LBO) – Sri Lanka’s Treasuries yields eased on shorter maturities at Wednesday’s auction despite more than the offered amount being sold to bidder, data from the state debt office showed.The 3-month yield eased 01 basis point to 8.60 percent, the 6-month also edged one basis point lower to 9.63 percent and the […]
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Sept 24, 2013 (LBO) – A proposed US dollar bond by Sri Lanka’s DFCC Bank has been given an expected ‘B+ (EXP)’ rating by Fitch. The ratings agency said DFCC has a satisfactory risk profile, good project finance track-record and strong capital ratios. DFCC is expected to sell a 250 million US dollar bond in […]
Sri Lanka forex reserves rise to US$7.0bn in September
Sept 25, 2013 (LBO) – Sri Lanka’s forex reserves rose to 7.0 billion US dollars by September 23, 2013 up from 6.3 billion in July, boosted by capital inflows, the Central Bank said. Sri Lanka’s state-run National Savings Bank raised 750 million US dollars in September. In money market excess rupee reserves of banks rose […]
Sri Lanka stocks close lower, rupee stronger
Sept 25, 2013 (LBO) – Sri Lanka’s stocks closed 0.19 percent lower on Wednesday and the rupee gained some ground on dollar selling, while moral suasion was also present, brokers and dealers said. The central bank also accepted more bids at today’s Treasuries auction than the volume offered. If the Central Bank sells down a […]
Sri Lanka should keep policy on hold, make structural changes: IMF
Monetary Stance Sept 25, 2013 (LBO) – Sri Lanka should keep monetary policy on hold but make structural change to boost growth, an International Monetary Fund official said. Todd Schneider, head of a monitoring mission to Sri Lanka said external conditions have worsened with impending Federal Reserve action, and budget revenues were flat though inflation […]
Sri Lanka exporters moving beyond labour arbitrage
Sept 25, 2013 (LBO) – Sri Lanka’s high end apparel and information technology firms are moving beyond labour arbitrage to leverage knowledge and supply chain efficiencies, officials said.“Labour arbitrage is not necessary, the way we see it,” Udena Wickramasuriya, group director at Brandix a top Sri Lanka based apparel group that also has operations in […]
‘s Nawaloka debenture offer taken up
Sept 24, 2013 (LBO) – A one and a half billion rupee listed debenture offer by Sri Lanka’s Nawaloka Hospitals has been fully subscribed. The offer will close at 4.30 pm, registrars to the sale, said in a stock exchange filing. NDB Investment Bank was the financial advisor to the issue .
”’ by Fitch
Sept 24, 2013 (LBO) – A planned debt 2.0 billion rupee debt sale by Sri Lanka’s Abans Limited has been given an expected ‘A-(lka) (EXP)’ rating by Fitch Ratings. The firm plans sell three, four and five year fixed rated senior debt to re-finance a part of its short term debt and lower interest rate […]
”B+(EXP) by Fitch
Sept 24, 2013 (LBO) – A proposed bond by Sri Lanka’s National Development Bank has been given an expected ‘B+ (EXP)’ rating by Fitch. National Long-Term Rating AA-(lka)’; Stable Outlook Outstanding Subordinated debentures ‘A+(lka)’ The rating agency said NDB had a satisfactory track record as a project financing institution with historically stronger capitalization asset quality […]
Sri Lanka stocks up, rupee edges lower
Sept 24, 2013 (LBO) – Sri Lanka stocks closed 0.20 percent higher on Tuesday in a broad rally helped by foreign buying while the rupee lost ground, dealers said. Analysts say the liquidity will put severe downward pressure on the rupee peg, unless it is vigorously defended in the future with unsterilized dollars sales by […]
Global panel to make economic case on climate change
NEW YORK CITY, September 24, 2013 (AFP) – Mexico’s former president Felipe Calderon said that climate action can boost both developed and emerging countries as he led a new commission bringing together government and business leaders.In an initiative being launched Tuesday on the sidelines of the annual UN General Assembly, Calderon will chair a report […]