Sri Lanka sells USD250mn one-year development bonds

June 13, 2016 (LBO) – The issue of Sri Lanka development bonds amounting to 200 million US dollars has been oversubscribed with over 516 million US dollars of bids received from investors.
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The central bank has accepted 250.04 million US dollars in one year bond at a floating rate of six month LIBOR (94 bp) plus 438.01 basis points. The Central Bank has received 67 million US dollars of bids for the two year floating rate bond among other small bids received for the auction. The issue was open for subscription from 7 to 13 June and the Central Bank planned to issue 200 million US dollars development bonds with a tenor of 1 year, 2 years, 3 years and 5 years to local and foreign investors. Development bonds are issued by the Public Debt Department of Central Bank and exempted from income tax paid in Sri Lanka.