• Education
    • Higher Education
    • Scholarships & Grants
    • Online Learning
    • School Reforms
    • Research & Innovation
  • Lifestyle
    • Travel
    • Food & Drink
    • Fashion & Beauty
    • Home & Living
    • Relationships & Family
  • Technology & Startups
    • Software & Apps
    • Startup Success Stories
    • Startups & Innovations
    • Tech Regulations
    • Venture Capital
    • Artificial Intelligence
    • Cybersecurity
    • Emerging Technologies
    • Gadgets & Devices
    • Industry Analysis
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy
Today Headline
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
Today Headline
No Result
View All Result
Home Business & Finance Economic Policies

Sri Lanka to announce single overnight policy rate from Nov 27 todayheadline

November 26, 2024
in Economic Policies
Reading Time: 3 mins read
A A
0
2
SHARES
4
VIEWS
Share on FacebookShare on Twitter


ECONOMYNEXT – Domestic holders of Sri Lanka’s defaulted sovereign bonds said they will participate in an exchange of new bonds, which they negotiated together with foreign investors in the securities.

“All members of the LCSL intend to participate in the ISB restructuring, which will provide the Government with substantial debt relief,” the group said in statement.

Local investors, mostly banks, hold about 12 percent of the defaulted 12.55 billion dollars of securities.

“We are pleased to have reached this critical turning point following more than two years of discussions,” Sanath Manatunge, Chairman of the Local Consortium of Sri Lanka who is the chief executive of Commercial Bank of Ceylon said.

“This restructuring will help restore macroeconomic stability and encourage investment in the local economy to the benefit of the people of Sri Lanka.

“Members of the LCSL fully appreciate and recognise their responsibility to finance the economic recovery and look forward to fulfilling this role.”

Under a so-called local option ISB holders could exchange existing claims into new instruments denominated in both Sri Lanka Rupee and US Dollars.

RELATED

ISB committee urge all holders to join Sri Lanka GDP-linked bond exchange

Sri Lanka urges all ISB holders to exchange bonds, hopeful on Hamilton

Foreign investors who negotiated with the government hold 40 percent of the bonds.

A committee representing said the offer will be taken up and called on other investors not in their group to also participate.

The full statement by local holders is reproduced below:

Local Consortium of Sri Lanka Commits to Supporting Government of Sri Lanka’s International Sovereign Bond Restructuring

COLOMBO, SRI LANKA 26 November 2024 – The Local Consortium of Sri Lanka (the “LCSL”), comprised of domestic commercial banks and financial institutions, commits its full support for the Exchange Offer and Consent Solicitation launched today by the Government of Sri Lanka (the “Government”) to restructure the US$12.55bn in outstanding International Sovereign Bonds (“ISBs”) including terms tailored for local holders (the “Local Option”).

This follows the agreement-in-principle reached in September 2024 with the Government on key financial terms.

All members of the LCSL intend to participate in the ISB restructuring, which will provide the Government with substantial debt relief. This will be in addition to the support provided to the Government and wider economy since the foreign currency default in April 2022.

The restructuring of the ISBs will also cure the sovereign debt default, support the restoration of macroeconomic stability and ensure debt sustainability in the context of the Sri Lanka IMF programme.

The Steering Committees of the LCSL and the Ad Hoc Group of Sri Lanka Bondholders (representing international holders of Sri Lanka’s ISBs) cooperated in order to find a comprehensive solution for Sri Lanka. Members of the LCSL and Ad Hoc Group collectively represent more than 50% of Sri Lanka’s total outstanding ISBs. The Local Option gives ISB holders the ability to exchange existing claims into new instruments denominated in both Sri Lanka Rupee and US Dollars.

Members of the LCSL would like to extend their gratitude to the authorities and all those involved for their efforts in reaching this significant milestone. Curing the default on Sri Lanka’s ISBs will both facilitate the restoration of external market access and is a crucial step forward not only for the Government but also for LCSL members in maintaining their ability to finance the country’s economic recovery.

Sanath Manatunge, Chairman of the LCSL and CEO of Commercial Bank of Ceylon PLC, said: “We are pleased to have reached this critical turning point following more than two years of discussions. This restructuring will help restore macroeconomic stability and encourage investment in the local economy to the benefit of the people of Sri Lanka. Members of the LCSL fully appreciate and recognise their responsibility to finance the economic recovery and look forward to fulfilling this role.”

The LCSL is being advised by Newstate Partners LLP and Baker & McKenzie Wong & Leow.

The LCSL is comprised of eleven local banks and financial institutions and holds approximately 12% of the outstanding ISBs. [Members include Commercial Bank of Ceylon PLC, DFCC Bank PLC, Hatton National Bank PLC, National Development
Bank PLC, Nations Trust Bank PLC, Pan Asia Banking Corporation PLC, Seylan Bank PLC, LOLC Finance PLC, LOLC Financial Sector Holdings (Private) Limited, Softlogic Life Insurance PLC.]


Continue Reading

Tags: announceLankanov.overnightpolicyRatesingleSritodayheadline
Previous Post

Severe ‘Melancholia’ Depression Can Be Diagnosed by Facial Expression : ScienceAlert todayheadline

Next Post

African Sub-Sovereign government leaders and businesses meet in Kisumu City, Kenya to discuss inclusive growth, trade decentralization and investment opportunities

Related Posts

ET logo

Manipur floods: Nearly 3 dead in last 24 hours despite improving situation todayheadline

June 7, 2025
5

Vesak pardon mystery deepens, Sri Lanka President in the dark? todayheadline

June 7, 2025
5
Next Post

African Sub-Sovereign government leaders and businesses meet in Kisumu City, Kenya to discuss inclusive growth, trade decentralization and investment opportunities

  • Trending
  • Comments
  • Latest
Family calls for change after B.C. nurse dies by suicide after attacks on the job

Family calls for change after B.C. nurse dies by suicide after attacks on the job

April 2, 2025
Pioneering 3D printing project shares successes

Product reduces TPH levels to non-hazardous status

November 27, 2024

Hospital Mergers Fail to Deliver Better Care or Lower Costs, Study Finds todayheadline

December 31, 2024

Police ID man who died after Corso Italia fight

December 23, 2024
Harris tells supporters 'never give up' and urges peaceful transfer of power

Harris tells supporters ‘never give up’ and urges peaceful transfer of power

0
Des Moines Man Accused Of Shooting Ex-Girlfriend's Mother

Des Moines Man Accused Of Shooting Ex-Girlfriend’s Mother

0

Trump ‘looks forward’ to White House meeting with Biden

0
Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

0

Travis Decker may be hiding near Canadian border

June 7, 2025
Nine Palestinians killed in Israeli air raids on Jabalia and Deir al-Balah

Nine Palestinians killed in Israeli air raids on Jabalia and Deir al-Balah

June 7, 2025
Macy's is selling a 'well-designed' $399 solar panel for $208 that shoppers say is easy to set up

Macy's is selling a 'well-designed' $399 solar panel for $208 that shoppers say is easy to set up todayheadline

June 7, 2025
L.A. immigration raids: 44 people detained. What you need to know

L.A. immigration raids: 44 people detained. What you need to know

June 7, 2025

Recent News

Travis Decker may be hiding near Canadian border

June 7, 2025
2
Nine Palestinians killed in Israeli air raids on Jabalia and Deir al-Balah

Nine Palestinians killed in Israeli air raids on Jabalia and Deir al-Balah

June 7, 2025
5
Macy's is selling a 'well-designed' $399 solar panel for $208 that shoppers say is easy to set up

Macy's is selling a 'well-designed' $399 solar panel for $208 that shoppers say is easy to set up todayheadline

June 7, 2025
4
L.A. immigration raids: 44 people detained. What you need to know

L.A. immigration raids: 44 people detained. What you need to know

June 7, 2025
8

TodayHeadline is a dynamic news website dedicated to delivering up-to-date and comprehensive news coverage from around the globe.

Follow Us

Browse by Category

  • Africa
  • Asia
  • Basketball
  • Business & Finance
  • Climate Change
  • Crime & Justice
  • Cybersecurity
  • Economic Policies
  • Elections
  • Entertainment
  • Entrepreneurship
  • Environmental Policies
  • Europe
  • Football
  • Gadgets & Devices
  • Health
  • Medical Research
  • Mental Health
  • Middle East
  • Motorsport
  • Olympics
  • Politics
  • Public Health
  • Relationships & Family
  • Science & Environment
  • Software & Apps
  • Space Exploration
  • Sports
  • Stock Market
  • Technology & Startups
  • Tennis
  • Travel
  • Uncategorized
  • Us & Canada
  • Wildlife & Conservation
  • World News

Recent News

Travis Decker may be hiding near Canadian border

June 7, 2025
Nine Palestinians killed in Israeli air raids on Jabalia and Deir al-Balah

Nine Palestinians killed in Israeli air raids on Jabalia and Deir al-Balah

June 7, 2025
  • Education
  • Lifestyle
  • Technology & Startups
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy

© 2024 Todayheadline.co

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business & Finance
  • Corporate News
  • Economic Policies
  • Entrepreneurship
  • Market Trends
  • Crime & Justice
  • Court Cases
  • Criminal Investigations
  • Cybercrime
  • Legal Reforms
  • Policing
  • Education
  • Higher Education
  • Online Learning
  • Entertainment
  • Awards & Festivals
  • Celebrity News
  • Movies
  • Music
  • Health
  • Fitness & Nutrition
  • Medical Breakthroughs
  • Mental Health
  • Pandemic Updates
  • Lifestyle
  • Fashion & Beauty
  • Food & Drink
  • Home & Living
  • Politics
  • Elections
  • Government Policies
  • International Relations
  • Legislative News
  • Political Parties
  • Africa
  • Asia
  • Europe
  • Middle East
  • Artificial Intelligence
  • Cybersecurity
  • Emerging Technologies
  • Gadgets & Devices
  • Industry Analysis
  • Basketball
  • Football
  • Motorsport
  • Olympics
  • Climate Change
  • Environmental Policies
  • Medical Research
  • Science & Environment
  • Space Exploration
  • Wildlife & Conservation
  • Sports
  • Tennis
  • Technology & Startups
  • Software & Apps
  • Startup Success Stories
  • Startups & Innovations
  • Tech Regulations
  • Venture Capital
  • Uncategorized
  • World News
  • Us & Canada
  • Public Health
  • Relationships & Family
  • Travel
  • Research & Innovation
  • Scholarships & Grants
  • School Reforms
  • Stock Market
  • TV & Streaming
  • Advertise with Us
  • Privacy & Policy
  • About us
  • Contact

© 2024 Todayheadline.co