International Bond Issue of $ 500 m

COLOMBO: The Central Bank of Sri Lanka is due to issue an International Bond amounting to US$ 500 million in international markets in 2007.

The funds that will be mobilised through the proposed bond issue are to be used to finance the Government’s infrastructure development programme, a release said yesterday.

The Monetary Board of the Central Bank of Sri Lanka has selected three proposers - J. P. Morgan, Barclays Capital and HSBC as Joint Lead Managers/ Bookrunners/Underwriters to this bond issue.

Twelve international banks and investment houses submitted proposals and made presentations to be selected as Joint Lead Managers after the Central Bank of Sri Lanka invited proposals from selected banks/investment houses on July 02, 2007.

This debut sovereign bond issue is also expected to serve as a benchmark for other corporate borrowers in Sri Lanka which have the capability of raising money in international capital markets.