Sri Lanka extends yield curve with $1 billion issue

Sri Lanka comes to market with its largest and longest-dated sovereign ever, achieving the objective of extending its yield curve to 10 years.

The Democratic Socialist Republic of Sri Lanka has sold $1 billion of fixed-rate senior unsecured 10-year bonds -- the largest and longest-dated sovereign from the South Asian island nation ever. The notes pay a 6.25% coupon and were re-offered at par for the same amount of yield. On a spreads basis that translated into 373.1bp over 10-year Treasuries.

The market has seen credit spreads tighten and yields rally recently and as a result, demand for...

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