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Sri Lanka sells US$72mn 3-yr bonds

Mar 19, 2012 (LBO) - Sri Lanka sold 72 million US dollars of three-year bonds at six-month Libor + 385 basis points and 12 million dollars of four-year bonds at Libor +415 bp, the Central Bank's Public Debt Department said.

Both foreign and local commercial banks subscribed bids at the auction, it said.

"The offer was oversubscribed by 2.2 times with total bid received amounting to 100 million dollars." The US dollar six-month LIBOR rate was 0.74 percent, Monday.

A Central Bank statement said the government offered Sri Lanka Development Bonds (SLDBs) of 35 million US dollars in 3-year tenor and 10 million dollars in 4-year tenor to eligible investors for subscription through competitive bidding.

The offer was opened from March 12 to 19 for bidding with the settlement on March 26, 2012.