Sri Lanka's 5-year US$ 1 billion international sovereign bond issued Monday to the international market was oversubscribed 3.2 times within 18 hours, the Central Bank (CBSL) said.
The Issue represents the sixth US Dollar benchmark offering in the international bond markets by Sri Lanka since 2007and the first Sovereign Bond issue in the international capital markets in 2014.
Fitch Ratings, Moody's Investors Service and Standard and Poor’s have rated the Issue at 'BB-', ‘B1’and ‘B+' respectively. With the firm support from investors, the order-book grew steadily, allowing Sri Lanka to price the Issue at a yield of 6.00 per cent in spite of the rising benchmark US Treasury yield.
This tighter yield reflects the continued confidence that the international investors have placed in the sovereign bond issuance of Sri Lanka, the Bank further said.