Financial Times

Foreign banks keen on bonds


Foreign banks, earlier reluctant to invest in local dollar bonds due to the uncertainty, are now interested in $50 million worth of Sri Lanka Development Bonds due later this month, officials said.

A senior Central Bank (CB) official said the CB recently did an ‘appetite’ survey and found that the banks including HSBC, Deutsche and Citibank, were positive. “Pre-Prabhakaran the mood for bonds was low but post-Prabhakaran, the response is very good,” he said, explaining that the end of the war has changed the minds of the banks.

The official said ‘appetite’ surveys are done to assess the response if bonds are to be issued. These 2-year bonds issued by the CB on behalf of the government will be open for subscription between June 15 and 29. The interest rate is 6-month LIBOR and available at a minimum investment of $100,000.

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