Standard Chartered on Friday said it was Lead Arranger for a successful US$1.5 billion 10 Year Fixed Rate Senior Unsecured 144A / Reg S issued on behalf of the Sri Lankan government. Jim McCabe, Chief Executive Officer, Standard Chartered, commenting on the deal, said: “We are honoured to be a Lead Arranger for the Government’s [...]

The Sunday Times Sri Lanka

Standard Chartered lead—manages successful international bond

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Standard Chartered on Friday said it was Lead Arranger for a successful US$1.5 billion 10 Year Fixed Rate Senior Unsecured 144A / Reg S issued on behalf of the Sri Lankan government.

Jim McCabe, Chief Executive Officer, Standard Chartered, commenting on the deal, said: “We are honoured to be a Lead Arranger for the Government’s international bond issue. Road shows conducted by the team in the US, UK, Middle East and Asia helped build up market momentum and have brought in over $11 billion in orders from a record 500 investors. The transaction priced well inside the initial price guidance of 6.625% area, represents a price tightening of 42.5bps”.

Lakshan Goonetilleke, Head of Financial Institutions, Standard Chartered, stated: “The transaction was extremely well timed. The Central Bank took advantage of a window of opportunity post the announcement of the staff level agreement with the IMF and just before the French elections, when investors were looking to buy strong emerging market bonds. The 7 time over subscription reflects the confidence investors have in Sri Lanka and its long term prospects.”

The bank said in a media release that the country is currently in the process of reform via its commitment to the IMF’s EFF programme. The government is taking decisive action to correct current imbalances, reduce liquidity pressure, catalyze investment and drive sustainable fiscal consolidation, it added.

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