Category: Economy and Markets
Queuing Up
Central Bank officials say J P Morgan, HSBC and Solomon Smith Barney the investment-banking arm of Citi Group have expressed interest to raise up to US$ 400 mn for the government. rnAnalysts say the government may even raise as much as US$ 500 mn if the rates are favorable. rnIn the budget the government said […]
Little Push
The Central Bank quote s Public Debt Dept.has issued strict guidelines to putting minimum limits for primary dealers to bid at treasury bond auctions.rnBeginning this week, dealers are required to subscribe to a minimum 15 percent of the amount offered for each maturity at every bond auction.rn rnThe ruling come after last week quote s […]
Second Bout
Sri Lanka is pushing for trade in services including tourism, shipping, software, agriculture and port development to be included under the FTA. rnSri Lanka also looking to push agro exports in cloves and spices where locals have a competitive edge in terms of lower prices and quality goods. rnIndian help is also being sought for […]
Revving Up
Despite a dismal 0.1 percent growth in the first quarter, Central Bank quote s Deputy Governor P M Nagahawatte says the economy is on target to achieve a 3.7 percent growth this year. rnThe bank quote s Statistics Director, Dr. Anila Dias Bandaranaike said improved rains, recovery in imports, the recent rally in the stock […]
Rewiring Mechanism
An ADB release said ldblquote The funds, from the existing Second Power System Expansion project, will rehabilitate low voltage transmission and distribution systems and will complement the recently-awarded private sector contract for 20 megawatts of emergency power for Jaffna.dblquotern rnThe Ceylon Electricity Board has been entrusted with the rehabilitation project. rn rnIn an earlier resolution […]
Closer Look
The suggestion that a post-implementation review (PIR) mechanism be put in place was mooted at the recent development forum held in Colombo. rnrnServing a kind of watchdog function, a team of multi-disciplinary professionals conducts the audit at the completion of selected projects or any significant capital expenditure commitments. rnrnProgress reviews of this kind are usually […]
Full House
The Central Bank says the response was phenomenon, but stopped short from disclosing how much of bids it received. rnrnThe US$ 91.5 mn of the US$ 250 mn issue carries a minimum two-year tenure linked to the six months LIBOR plus 200 basis points. rnrnUnlike previous issues, investors had the option of bidding for maturities […]
Investment Divide
Legislation to divide the country into five industrial zones under the Board of Investment (BOI) has gone a step ahead, with the draft Act being finalised, Enterprise Development Minister, G.L. Peiris said today.
Long Term Dues
Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online that the bank hopes to offer around Rs. 1.5 bn at the initial issue. rnrnThe bond is likely to be priced at around 12 percent to 13 percent, though market players are expecting to bid at around 15.5 percent. rnrnThe ten-year bond, the first in Sri […]
Borrowing Spree
A series of Reconstruction bonds are due to hit the market later this year, while the remaining US$ 91.5 mn of the US$ 250 mn development bonds will be issued later this month. rnrnReconstruction bonds will be issued in rupee and dollar denominated notes. Of this, the bank is looking to raise US$ 300 mn […]
Final Issue
The two-year bond will be linked to the six months London interbank offered rate or LIBOR.rn rnThe government last year said it was raising up to US$ 250 mn through the bond issues to help bridge the yawning budget deficit. However, only US $ 158.5 million two year bonds were issued.rn rnEarlier this year in […]
New Faces
There has been a positive response to Central Bank quote s call to expand the government securities market by issuing new licences.rn rnThe bank quote s Superintendent Public Debt, Dharma Dheerasinghe told Lanka Business Online that lquote a few parties have already submitted their applications. quotern rnrnMarket watchers speculated that the new comers include Peoples […]