Dollar bonds in days’85

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

The government is tipped to give the mandate to raise long-term dollar funds within days.
Prospective investment bankers have said they could raise the funds within a month of the mandate being given.rn

rnThe Central Bank has evaluated some 40 proposals and submitted three names endash Deutsche Bank, UBS Warburg and Solomon Smith Barney with Citibank to the Treasury for approval.rn

rnAround 12 international investment banks had earlier responded to the invitation, with suggestions ranging from a syndication loan, a floating rate note or a rated bond issuern

rnThe government plans to raise up to 350 Million US dollars in long-term funds as part of its 2002 borrowing program.rn

rnThe Central Bank is keen to take the syndication or a Floating rate note route.rn

rnOnce Treasury clearance comes through, the joint lead managers are expected to raise funds through an international road show.(LBR)rn

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