Sri Lanka in demand as stars align for sovereign return

By Virginia Furness
10 Apr 2014

The Democratic Socialist Republic of Sri Lanka on Monday priced its second international bond of the year and closed with the order book nine times oversubscribed. With Sri Lankan risk in hot demand, a well-timed move by the issuer enabled it to price inside its existing curve.

Citi, HSBC and Standard Chartered announced guidance at 5.5% for the five year deal, which was capped at $500m. With several accounts from the US coming in with orders of $100m, dealers were able to tighten pricing to final guidance of 5.125%-5.250%. 

Final pricing being fixed at the bottom ...

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