Sri Lanka ups borrowing limit for dollar denominated bonds

REUTERS: Sri Lanka has increased its borrowing limit for dollar denominated bonds to $ 3 billion and chosen seven lead managers to tap the international market as soon as possible, three Government sources said yesterday. 

The decision followed a delay in a pledged loan from Bank of China, the sources, who are familiar with the matter, told Reuters. If market conditions are conducive, the sovereign bond could be raised to $ 3 billion, they said. 

The bonds would be in multiple tranches and the tenure would vary between five and 30 years, the sources said.

SL to tap bond market for $2 b after Chinese loan delay