Sunday Observer Online


Sunday, 16 March 2014





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Government Gazette

Sri Lanka Development Bonds oversubscribed

Sri Lanka Development Bonds (SLDBs) issued by the Central Bank to raise US$ 60 million was oversubscribed by 3.1 times and analysts said that it demonstrates the confidence investors have the stability of the Sri Lankan economy.

SLDBs of three-year tenor were offered to eligible investors for subscription at six-month LIBOR plus a margin to be determined through competitive bidding.

The offer was open from March 310 for bidding with settlement on March 17, 2014. Foreign and local commercial banks operating in Sri Lanka subscribed at the auction.

Bids received amounted to US $ 187 million. Considering the high demand for SLDBs and providing an opportunity for investors to invest their funds for a longer period, it was decided to accept the entirety of US $ 187 million at the market determined rate of six-month LIBOR plus a weighted average margin of 400 bps.The six-month LIBOR rate as at March 10, 2014 was quoted at 0.3318 percent.

The SLDBs are transferable by endorsement, delivery and registration with the Superintendent of Public Debt of the Central Bank. Eligible investors could purchase SLDBs in the secondary market through designated agents appointed by the Central Bank.

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