The Democratic Socialist Republic of Sri Lanka returned to the international bond markets on March 7. It picked what may turn out to have been the optimum issuance window to lock in its dollar-denominated bond funding for 2019.
The B2BB rated sovereign took full advantage of a strong rally in emerging market bonds and a hiatus in the ongoing domestic tug of war between former president Mahinda Rajapakse and current prime minister Ranil Wickremesinghe.
This positive momentum enabled the country to achieve its lowest cost of funding since a constitutional crisis erupted last October. It raised 1 billion in five-year money at 6.85% and $1.4...
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