-By Development Network-
Over the past 4 years, HSBC has successfully raised financing in excess of USD
3 billion to finance projects such as Telecommunication Network expansion,
Highway and Bridge construction, Flyovers, Solar Irrigation, Electricity and
Port Development.
It is the only bank in Sri Lanka to have consecutively won 3 Bond mandates by
the Government of Sri Lanka starting with its inaugural issue in 2007 and
subsequently in 2009 and 2010.
The most recent, 2010 issue was a landmark transaction being Sri Lanka's first
USD 1 billion issue which saw a record subscription at a price of 6.25% for 10
year funds.
The success of these mandates were celebrated recently at the Finance Asia
awards held in Hong Kong recently, where the Assistant Governor of the Central
Bank of Sri Lanka, Siriwardena accepted the accolade "Best Sri Lanka Deal 2010"
for the US$1 Billion sovereign bond due in 2020.
"We thank Finance Asia for acknowledging this landmark transaction from Sri
Lanka. This is the 3rd Sovereign Bond that the Government of Sri Lanka has
issued and we are very proud of its success in the international market. Its
acceptance by the global investors demonstrated by the order book on the deal
only further reinforces the improving fundamentals of Sri Lanka," Siriwardena
said.
HSBC acted as Joint Lead Manager and Bookrunner of Sri Lanka's third
international sovereign bond of a USD 1 Billion 10 year issue with a coupon
rate of 6.25%. This attracted an order book that exceeded USD 6.3 billion
within 14 hours of opening on 27 September 2010, thereby being over-subscribed
more than 6 times, clearly underscoring the high global investor confidence
based on recent progress and the future prospects of Sri Lanka since the end of
the conflict in the country.
Nick Nicolaou, Chief Executive Officer for HSBC Sri Lanka and Maldives said,
"HSBC has strong Debt Capital Market capabilities in Asia. With a team of over
300 Professionals in the region, we have secured this prestigious award for the
Government of Sri Lanka on its Benchmark Bond issue. We are committed to
support the Government and the corporate sector in various infrastructure
development projects in line with national level strategies and we expect a
flurry of activity in this space."
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