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Tuesday, 26 June 2012 03:13 - - {{hitsCtrl.values.hits}}
Central Bank yesterday accepted $ 229 million worth of bids for Sri Lanka Development Bonds (SLDBs), 52% above the offered quantity.
“In view of the high demand by the investors, the Government decided to accept $ 229.02 million in 3 year maturity at the market determined rates of US Dollar 6 month LIBOR + 410 bps (weighted average margin). The US Dollar 6 month LIBOR rate yesterday was 0.73 per cent,” the Central Bank said.
The original issue was for $ 150 million in 3 year tenor with SLDBs eligible investors for subscription at a rate of US Dollar six month LIBOR plus a margin to be determined through competitive bidding.
The offer was opened from 18 t o25 June for bidding with the settlement on 2 July.
Both foreign and local commercial banks subscribed bids at the auction. The offer was oversubscribed by 1.5 times with total bid received amounting to USD 229.02 million.
The SLDB issue was executed in terms of Section 2 (a) and 2 (c) of the Foreign Loans Act No. 29 of 1957 as amended.
The SLDBs are transferable by endorsement, delivery and registration with the Superintendent of Public Debt of the Central Bank of Sri Lanka.
Eligible investors may purchase SLDBs in the secondary market through Designated Agents appointed by the Central Bank of Sri Lanka.
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