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Foreign Commercial Borrowings by the Government of Sri Lanka

With the graduation into a middle income country, the Government of Sri Lanka has gradually been tapping the global financial markets to meet its funding requirements for development activities. In this context, the first International Sovereign Bond was issued in year 2007.Since then, the Government of Sri Lanka has accessed the international markets periodically for its funding needs. In addition to international Sovereign Bonds, foreign commercial borrowing has also included Foreign Currency Term Financing Facilities as well.

Details of Sri Lanka Sovereign Bond Issuances

Name Date of Issuance Ratings
(Moody’s/ S&P/ Fitch)		 Amount (US$ Mn) Coupon Rate (%) Tenure (Years) Maturity Date
SL’12* 17/10/2007 --/B+/BB- 500 8.25 5 24/10/12
SL’15** 22/01/2009 --/B+/BB- 500 7.4 6 22/01/15
SL’19 06/01/14 B1/B+/B+ 1000 6 5 14/01/19
SL’19 07/04/14 B1/B+/B+ 500 5.125 5 11/04/19
SL’20 30/10/2010 B1/B+/B+ 1000 6.25 10 04/10/20
SL’21 27/07/2011 B1/B+/B+ 1000 6.25 10 27/07/21
SL’22 25/07/2012 B1/B+/B+ 1000 5.875 10 25/07/22
SL’22 11/07/16 B1/B+/B+ 500 5.75 5.5 18/01/22
SL’25 28/05/2015 B1/B+/B+ 650 6.125 10 03/06/25
SL’25 27/10/2015 B1/B+/B+ 1500 6.85 10 03/11/25
SL’26 18/07/2016 B1/B+/B+ 1000 6.825 10 18/07/26
SL’27 04/05/17 B1/B+/B+ 1500 6.2 10 04/05.27
Source: Standard Chartered, HSBC and Citi Bank (Joint Lead Managers for the issuances)
*Retired in year 2012
**Retired in year 2015

Details of Foreign Currency Term Loan Facilities

Year Amount (US$ Mn) Interest Rate Rate (%) Upfront Fee Tenure (Years)
2016 700 Libor + 2.5% 1.65% 3
2017 1000 Libor + 2.0% 1.50% 3
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