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Sri Lanka plans USD500m bond issue.

Global Banking News-4 September 2009-Sri Lanka plans USD500m bond issue(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 04 September 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Sri Lanka is expecting to raise USD500m through an international bond issue following a USD2.6bn bailout package from the International Monetary Fund.

'The Central Bank of Sri Lanka, on behalf of the government, plans to issue an international sovereign bond amounting to USD500m in the international markets in October 2009,' the central bank said.

Seven financial institutions have submitted proposals to manage the bond sale in October and they are being evaluated, the Central Bank of Sri Lanka said.

The announcement came after international credit rating agency Standard and Poor's raised the outlook on its rating for Sri Lanka's debt to 'stable' from 'negative' in response to the International Monetary Fund bailout. However, the agency has kept Sri Lanka's rating at 'B,' which is five notches below investment grade.

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Publication:Global Banking News (GBN)
Geographic Code:0IMF
Date:Sep 4, 2009
Words:185
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