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Sri Lanka sovereign bond price guidance tightened

July 17, 2012 (LBO) - The price guidance on a 10-year billion US dollar bond by Sri Lanka has been narrowed to around 5.875 to 6.0 percent from an initial rate of 6.125 percent, in the wake of a strong order book, sources said. Sri Lanka raised a billion dollars last year at 6.25 percent and the bonds were quoted in the secondary market at around 5.8/9 percent indicating a premium of about four cents to the dollar.

Financial sources say there has been strong interest for the bond. Orders open in Asia and move to Europe and close in the US as market open across the Atlantic.

Last year more than half the bond was sold to US investors.

The proposed bond has been rated 'BB- (exp)' by Fitch, 'B+' by Standard and Poor's and '(P)B1' by Moody's, all in the speculative grade.

Sri Lanka is repaying its maiden 500 million US dollar sovereign bond in October.

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