Sri Lanka NSB to raise US$100mn loan

Sept 25, 2008 (LBO) - Sri Lanka's state-run National Savings Bank (NSB) is raising a 100 million US dollar one-year loan with Citibank Sri Lanka with the deal to be wrapped up by mid-October, an official said.

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The NSB has earlier raised money from India's ICICI Bank to on-lend to the government.

NSB general manager Sunil Perera said the deal was expected to be wrapped up in early October.

"This is an additional income for the bank," Perera said.

NSB and Citibank had been negotiating the deal since the first quarter of 2008.

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Meanwhile the Bank of Ceylon, traditionally the top dollar financier of the government, is in the market with a 30 million US dollar 5-year bond.

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The bank is offering 300 basis points above the 6-month London Interbank Offered Rate (LIBOR). Sri Lanka raised 60 million US dollars in 2-year bonds at a premium of 2.

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895 percent above the 6-month LIBOR rate in September to pay off a 70 million US dollar maturing bond.