CB Development Bonds Issue Oversubscribed To Over US$ 380 Mn

Issuance of Sri Lanka Development Bonds (SLDBs) worth of US$150 million was oversubscribed with total bids received amounting to US$380.73 million, the Central Bank (CBSL) said.

CBSL on behalf of the government offered to issue of US$ 150 million 3 months, 6 months, 1 year and 2 years tenor to eligible investors for subscription at a rate of either US Dollar 6 month LIBOR plus a margin (floating rate) or at a fixed rate to be determined through competitive bidding.

The issue was open for subscription from 16th to 23rd March, 2016.

The Central Bank has accepted US$ 10.33 million in 3 months bonds after receiving bids worth US$ 10.33 at a fixed rate of weighted average margin over six month LIBOR of 472.12 basis points and US$ 38.88 million at a floating rate of weighted average margin over six month LIBOR of 407.14 basis points.

The 6 months bonds received bids amounting to US$ 54.0 million and accepted US$ 52.0 million at a floating rate of 414.23 basis points.

The Bank accepted all bids of US$ 203.46 million received in 1 year bonds at a floating rate of 439.20 basis points and US$ 40,000 at a fixed rate of LIBOR plus 525.00 basis points.

The 2 year bonds received bids amounting to US$ 72.02 million and accepted US$ 71.0 million at a floating rate of 448.73 basis points.

The bonds have a settlement date of March 28, 2016.