Sri Lanka bond yields up

Aug 22, 2013 (LBO) – Sri Lanka’s bond yields spiked Thursday with a 5-year bond popular among foreign investors quoted as high as 11.
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70/75 percent, dealers said. Sri Lanka has also lost forex reserves amid looser monetary policy and some capital repayments but credit growth is weaker at the moment.

The 5-year bond maturing on 15 August 2018 was quoted around 11.30/35 percent last week.

The bond closed 11.45/55 percent levels yesterday.

A 3.5-year bond maturing on 01 Jan 2017 was quoted around 11.
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50/55 percent Thursday up from 11.42/45 percent, dealers. The rupee was quoted at 132.15/20 against the US dollar in the spot next market Thursday from down from 131.70/80 levels a weak earlier.

Emerging Asian currencies, which have semi-floating exchange rate, have weakened in the recent past amid a strengthening US dollar and sell-off by dollar bond holders.

India which also has a partially convertible currency had intervened steadily in the forex markets and injected liquidity, expanding import demand, widened the current account of the balance of payment and then imposed forex controls in classic soft-pegged style.

India’s foreign reserves have dropped to 278 billion US dollars on August 09 from 293 billion dollars in March.

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