Sri Lankan sun shines on high yield bond market

Strong order book allows sovereign to upsize bond as central bank governor tells FinanceAsia policy makers are preparing to take tough measures to improve tax collection.
Emerging and frontier markets debt: paradise re-gained for investors?
Emerging and frontier markets debt: paradise re-gained for investors?

The Democratic Socialist Republic of Sri Lanka returned to the international bond markets on Tuesday  for the second time this year.

It came with an upsized $1.5 billion Reg S144a issue that demonstrated just how much confidence has returned to emerging and frontier markets debt in recent weeks despite the looming threat of US interest rate rises.

Having initially marketed a $1 billion transaction, the BB1BB- rated sovereign decided it had room to increase it by 50% after attracting demand that topped $4 billion at its height. 

The order book went on to close around the $3.3 billion...

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