Major international banks vie to manage Sri Lanka's bond

Eight international investment banks have applied to manage Sri Lanka's sovereign bond.

Sri Lanka Central Bank Governor Ajith Nivard Cabraal has told media that Bank of America, Citi, JP Morgan and HSBC are among the parties that have expressed interest.

"We are presently evaluating them," he said.

The bondis expected to be released by the Sri Lankan government later this year.

Sri Lanka's first ever 500-million-U.S.-dollar bond is maturing in October 2012.

However, Cabraal had earlier expressed government's intentions to roll over the bond and possibly increase it to as much as 1 billion U.S. dollars.

The government is yet to make a clear statement on the timing of the deal and how long it would take to mature.

The current 500- million-U.S.-dollar bond has traded at an average of 6 percent, according to Central Bank reports.

For more.

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