Sri Lanka People’s Leasing to issue $150 mln notes after bond success

Peoples Leasing Company - Sri Lanka

Sri Lanka’s People’s Leasing Company, a subsidiary of state-owned People’s Bank, will issue up to $150 million of senior unsecured notes, the company said on Wednesday, a day after the country successfully sold a $1 billion, 10-year eurobond.

The leasing company said in a disclosure statement to Colombo Stock Exchange that it had already made an application to list the notes in Singapore.

IFR, a Thomson Reuters service, said the deal will be on the road on Thursday in Hong Kong with Barclays and HSBC as the lead managers and will move to Singapore on Friday before winding up in London on Monday.

Rating agencies S&P and Fitch have rated People’s Leasing at B+ with stable outlook.

The $59 billion economy’s latest $1 billion, 10-year sovereign bond was priced at 5.875 percent when the order book closed on Tuesday after having been more than 10 times oversubscribed.