Sri Lankan bond proves fleet of foot

Sovereign takes advantage of strong credit market momentum to re-build foreign exchange reserves depleted by heavy debt re-payments.

Sri Lankan bond proves fleet of foot

The Democratic Socialist Republic of Sri Lanka took advantage of strong credit market momentum to execute a $1.5 billion bond deal on Monday, which should help re-build foreign exchange reserves depleted by heavy debt re-payments. 

Timing of the dual-tranche issue could hardly have been more fortuitous and emerging market investors piled in to an order book that closed at $5.5 billion mark, according to one banker. 

“This is just one...

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