(1888PressRelease)
October 10, 2007 - Sri Lanka's government is to commence its first overseas bond sale in a move widely thought to be a test of international demand for emerging market.
According to WA Wijewardena, the debt is to be marketed in Asia, Europe and the US today (Monday) by Barclays Capital, HSBC Holdings and JPMorgan Chase.
The sale had been put off following heightened conflict between the Sri Lankan government and Tamil rebels and the US subprime mortgage market crisis, but has been initiated in the wake of the respective decisions of the Mexican and Venezuelan governments to sell $1 billion and $1.2 billion dollar-denominated bonds in recent weeks.
Jason Noble, a Singapore-based fixed-income analyst at Principal Global Investors, believes the move will be a significant test of the market waters.
"They are going to learn a lot on the roadshow about current investor risk appetite given the difficult economic and political conditions in Sri Lanka,'' he told Bloomberg.
"We haven't seen a decisive move for the better in either the economy or the political situation."
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