Empower your business in Sri Lanka and internationally with Prifinance expert corporate and financial services. Streamline company formation and investment opportunities with our tailored advice and solutions.

Sri Lanka bond yields plummet; rupee at new record low

Sept 14, 2007 (LBO) - Foreign names bought into a popular rupee bond sending yields crashing down and raising fears of manipulation Friday, while the Sri Lanka currency closed at a new low against the greenback with deals done at 113.
buy tadora online buy tadora generic

40 rupees, dealers said. The rupee which opened at 113.30/32 in spot trade closed at 113.40/44 against the dollar.

Dealers said the spot dollar edged to a new high against the rupee after a tom deal (settlement Monday against two days for spot) went at 113.38 in late trade.

A 5-year rupee bond popular among foreign investor gained with yields plummeting as a foreign name traded it down buying securities valued at around 300 million rupees, dealers said.

The 15.4.12 bond traded at a yield as high as 17.35 percent yesterday but fell to 17.

15 percent.

On Friday it fell to 16.60 percent causing ripples in the market and causing fears that the market was being manipulated.

buy valtrex online buy valtrex generic

The bond was later quoted at 17.

60/17.00 indicating that other buyers were only around at 17.00 percent.

"Nobody wants to get hit at 17.00 percent so it is with some reluctance that buyers are quoting two-way," a dealer told LBO.

buy grifulvin online buy grifulvin generic

There are fears that foreign investors who bought rupee bonds who are anxious to sell and may unload their stock to pension funds that are managed on behalf of their real beneficiaries by third party managers.


Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x