Sri Lanka, bondholders plan fresh round of debt talks this month

Sri Lanka
By Editor_1
Sri Lanka was hit by the most severe economic crisis in its history in 2022 when the country defaulted on its $46 billion external debt after running out of foreign exchange -AFP

COLOMBO – Global investors and Sri Lanka officials expect to hold a second round of talks aimed at restructuring $12 billion in defaulted global bonds later this month, according to people familiar with the matter.

A group of bondholders, known as a steering committee, and government representatives came away from a first round of negotiations in Europe in late March without a deal. They plan to continue the discussions around the International Monetary Fund’s (IMF) spring meetings in Washington DC, which start April 15, said the people, who asked not to be identified as the discussions are private. They didn’t disclose details of the proposal that’s under consideration.

Representatives for the central bank, treasury secretary and bondholder committee didn’t respond to messages seeking comment Friday (5).

A deal with private investors is among the last steps in Sri Lanka’s plan to overhaul $27 billion of foreign debt, including bonds and loans. The restructuring is critical to ensure financing from the IMF bailout keeps flowing. The government has already struck deals with official creditors, including China, India and the Paris Club as well as with holders of its local debt.

Dollar bonds due in 2030, which are among the most liquid, have gained about 9 cents this year to trade around 59 cents on the dollar, according to indicative pricing compiled by Bloomberg.

Government officials and global bondholders have discussed the issuance of macro-linked bonds as part of the restructuring. Those securities, which link bond payouts to the performance of Sri Lanka’s gross domestic product, were discussed during the first round of talks, the people said.

Advisers for bondholders, led by Rothschild & Co., are holding parallel discussions with members of the Paris Club to make them aware of its proposals. It’s an attempt to avoid the type of last-minute objections from the official creditors that have delayed other restructurings recently, including in Zambia, the people said.

-Bloomberg

Editor_1
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