{"id":68516,"date":"2021-07-06T16:52:50","date_gmt":"2021-07-06T16:52:50","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=68516"},"modified":"2021-07-06T16:52:50","modified_gmt":"2021-07-06T16:52:50","slug":"asias-highest-default-risk-spotlights-sri-lanka-debt-worry-by-anusha-ondaatjie-and-lilian-karunungan","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/asias-highest-default-risk-spotlights-sri-lanka-debt-worry-by-anusha-ondaatjie-and-lilian-karunungan\/","title":{"rendered":"Asia\u2019s Highest Default Risk Spotlights Sri Lanka Debt Worry-By Anusha Ondaatjie and Lilian Karunungan"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"font-size: 28px; color: #008080;\">Asia\u2019s Highest Default Risk Spotlights Sri Lanka Debt Worry-By Anusha Ondaatjie and Lilian Karunungan<\/span><\/h1>\n<ul class=\"abstract-v2\">\n<li class=\"abstract-v2__item\"><span style=\"font-size: 20px; color: #000000;\">\u00a0<\/span>\n<div class=\"abstract-v2__item-text\"><span style=\"font-size: 20px; color: #000000;\">Nation has to service $1 billion of debt maturing in July<\/span><\/div>\n<\/li>\n<li class=\"abstract-v2__item\"><span style=\"font-size: 20px; color: #000000;\">\u00a0<\/span>\n<div class=\"abstract-v2__item-text\"><span style=\"font-size: 20px; color: #000000;\">Sri Lanka says arrangements made to settle July bond<\/span><\/div>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-68517 aligncenter\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/07\/Highest-Default-Risk-Spotlights-Sri-Lanka-Debt-Worry-e1625589959680.jpg\" alt=\"Highest Default Risk Spotlights Sri Lanka Debt Worry\" width=\"600\" height=\"421\" \/><\/p>\n<p><strong><span style=\"font-size: 20px; color: #800080;\">Source:<\/span><\/strong><span style=\"color: #000000;\"><a style=\"color: #000000; font-size: 20px;\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-05\/asia-s-highest-default-risk-spotlights-sri-lanka-debt-concerns\" target=\"_blank\" rel=\"noopener noreferrer\">Bloomberg<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Sri Lanka\u2019s risk premium for a default jumped, reflecting concern that the pandemic is damaging the nation\u2019s ability to fill its foreign-exchange coffers ahead of at least $2.5 billion in dollar debt due in the next 12 months.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The nation\u2019s five-year credit default swaps rose to 1,553 basis points on Monday, the highest since March 1. A separate gauge of one-year default probability was at 27.9%, the steepest in Asia, up from around 13% over six months ago, according to a Bloomberg model where a reading above 1.5% signifies high risk of failure to pay.<\/span><\/p>\n<p><!--more--><\/p>\n<figure id=\"255\" class=\"paywall\" data-align=\"center\" data-id=\"372972231\" data-image-size=\"full\" data-image-type=\"chart\" data-type=\"image\" data-widget-url=\"https:\/\/www.bloomberg.com\/toaster\/v2\/charts\/0c5f310ecd444395abbb05e355396fc3.html?brand=markets&amp;webTheme=markets&amp;web=true&amp;hideTitles=true\">\n<div class=\"chart\" data-responsive=\"true\">\n<div class=\"chart-js\">\n<h3 id=\"too-risky\" class=\"chart__title\" style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Too Risky<\/span><\/h3>\n<p class=\"chart__subtitle\" style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Sri Lanka&#8217;s 1-year default probability is the highest in the Asia-Pacific<\/span><\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-68518 aligncenter\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/07\/Highest-Default-Risk-Spotlights-Sri-Lanka-Debt-Worry-1-e1625590131402.jpg\" alt=\"Highest Default Risk Spotlights Sri Lanka Debt Worry 1\" width=\"600\" height=\"258\" \/><\/p>\n<figure id=\"255\" class=\"paywall\" data-align=\"center\" data-id=\"372972231\" data-image-size=\"full\" data-image-type=\"chart\" data-type=\"image\" data-widget-url=\"https:\/\/www.bloomberg.com\/toaster\/v2\/charts\/0c5f310ecd444395abbb05e355396fc3.html?brand=markets&amp;webTheme=markets&amp;web=true&amp;hideTitles=true\">\n<div class=\"chart\" data-responsive=\"true\">\n<div class=\"chart-js\">\n<p class=\"chart__source\" style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Source: Bloomberg<\/span><\/p>\n<p class=\"chart__footnote\" style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Note: Bloomberg&#8217;s debt default probability scale lists any score above 1.5% as an indication of high risk of failure to pay<\/span><\/p>\n<\/div>\n<\/div>\n<\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The first test comes July 27, when the South Asian nation must repay a $1 billion bond to investors. President Gotabaya Rajapaksa\u2019s administration tightened capital controls last week, limiting how much foreign currency can leave the country, and speculation is growing that it may need to turn to the International Monetary Fund for additional finances after securing assistance from countries including China.<\/span><\/p>\n<p style=\"text-align: justify;\" data-tout-type=\"story\"><span style=\"font-size: 20px; color: #000000;\"><a style=\"color: #000000;\" title=\"Malaysia\u2019s 1998 Playbook Helps Sri Lanka Shun IMF for China (1)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-07\/malaysia-s-1998-playbook-has-sri-lanka-shunning-imf-for-china\" target=\"_blank\" rel=\"noopener\">Read: Malaysia\u2019s 1998\u00a0<span id=\"d38e92a2-de33-11eb-8ec7-000f535001b0\" class=\"tagging-spell-check\">Playbook<\/span>\u00a0Helps\u00a0<span id=\"d38e9568-de33-11eb-8ec7-000f535001b0\" class=\"tagging-spell-check\">Sri<\/span>\u00a0<span id=\"d38e9770-de33-11eb-8ec7-000f535001b0\" class=\"tagging-spell-check\">Lanka<\/span>\u00a0Shun IMF for China<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">\u201cThese resources should enable Sri Lanka to meet its remaining debt maturities through the rest of 2021,\u201d said Sagarika Chandra, primary sovereign analyst for Sri Lanka at Fitch Ratings. \u201cNevertheless, Sri Lanka\u2019s debt repayment challenges will continue into the medium-term. Authorities have not yet specified plans for meeting the country\u2019s foreign-currency debt-servicing needs for 2022 and beyond.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Arrangements are already in place to settle the bonds due later this month, the central bank said in a statement late Monday. Two more payments become due next year &#8212; a $500 million bond on Jan. 18, followed by $1 billion of debt maturing July 25.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">\u201cThe other bonds also we will pay,\u201d said Ajith Nivard Cabraal, Sri Lanka\u2019s state minister for money and capital markets and a former central bank governor, citing steps such as foreign- exchange controls and swap agreements with China and Bangladesh.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Still, the uncertainty has prompted calls from some opposition party members for Sri Lanka to seek help from the IMF, which\u00a0<a class=\"terminal-news-story\" style=\"color: #000000;\" title=\"IMF\u2019s Sri Lanka Loan Program Ends Before Final Disbursement\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/QBBUBKT0G1L3\" target=\"_blank\" rel=\"noopener\">prematurely ended<\/a>\u00a0a $1.5 billion fund facility last year amid change in financing needs due to the pandemic. While the government and the central bank have said there\u2019s no need to go back to the Washington-based organization, it isn\u2019t uncommon for nations to\u00a0<a class=\"terminal-news-story\" style=\"color: #000000;\" title=\"Argentina\u2019s Guzman to Meet IMF\u2019s Georgieva In Venice at G-20\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/QVS71NT0AFB8\" target=\"_blank\" rel=\"noopener\">renegotiate terms<\/a>\u00a0with the global lender of last resort.<\/span><\/p>\n<p style=\"text-align: justify;\" data-tout-type=\"story\"><span style=\"font-size: 20px; color: #000000;\"><a style=\"color: #000000;\" title=\"IMF Sees $45 Billion Deal With Argentina Pushed Into 2022\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-18\/imf-sees-45-billion-deal-with-argentina-pushed-into-2022\" target=\"_blank\" rel=\"noopener\">Read: IMF Sees\u00a0<span id=\"8ef3306a-de30-11eb-be8c-fa163e1eeeec\" class=\"tagging-unit-conversion\">$45 Billion<\/span>\u00a0Deal With Argentina Pushed Into 2022<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Sri Lanka\u2019s government is instead\u00a0<span id=\"d3004a24-de33-11eb-82fb-fa163e2ad122\">aiming to<\/span>\u00a0pursue its own policy mix, including promoting import substitution and garnering support from bilateral creditors including India and China. It secured a $1.5 billion currency swap line from Beijing in March, and is expecting inflows including a $250 million swap facility from Bangladesh\u2019s monetary authority, besides a $400 million facility from the\u00a0<a style=\"color: #000000;\" title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/RBI:IN\">Reserve Bank of India<\/a>\u00a0to bolster reserves.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Foreign-exchange reserves stand at around $4 billion, excluding the China swap agreement, according to the central bank. That\u2019s enough to cover three months of imports.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Concerns about repayment are pushing the cost of Sri Lanka\u2019s dollar debt higher, with the yield on the 5.75% 2023 bond surging 96 basis points at Monday\u2019s close to 28.7%, according to data compiled by Bloomberg. The yield on the 7.55% 2030 bond is near a three-month high of 16.5%.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The sell-off may be overdone in short tenor debt, especially notes maturing 2023 and 2024, according to Ek Pon Tay, senior portfolio manager for emerging-market debt in Singapore at BNP Paribas Asset Management.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">\u201cThe sovereign\u2019s near-term liquidity is not a concern,\u201d said Tay, who expects an IMF package to materialize in coming months and predicts Sri Lankan banks, which hold a third of the July 2021 bond, to plow that cash into other upcoming maturities. \u201cIn the medium term, however, a renewed risk is a widening trade deficit given rising oil prices.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Investors are also expressing concern about Sri Lanka\u2019s capital controls, which are seen as a way for the economy to shun reliance on foreign borrowing, and more importantly ward off interference from the IMF, whose aid comes with strict conditions.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<th class=\"news-rsf-table-string\"><span style=\"font-size: 20px; color: #000000;\">HERE\u2019S A SNAPSHOT OF THE CAPITAL CONTROL MEASURES:<\/span><\/th>\n<\/tr>\n<tr>\n<td class=\"news-rsf-table-string\">\n<ul>\n<li><span style=\"font-size: 20px; color: #000000;\">Sri Lanka suspends some investment limits for six months from July 2<\/span>\n<ul>\n<li><span style=\"font-size: 20px; color: #000000;\">Companies were earlier allowed to invest\u00a0<span id=\"d3004d62-de33-11eb-82fb-fa163e2ad122\">up to<\/span>\u00a0$2 million a year abroad without special permission, while individuals could invest as much as $200,000 a year<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">Investments abroad would still be allowed if they are made from foreign borrowings<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">Central bank may approve investments on a case by case basis<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">Firms will be allowed to remit\u00a0<span id=\"d3004e0c-de33-11eb-82fb-fa163e2ad122\">up to<\/span>\u00a0$15,000 to existing branches and if funds are needed to meet regulatory requirements abroad<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">Government reduces the first allowance of those migrating abroad to $30,000 from $200,000<\/span><\/li>\n<li>\n<table>\n<tbody>\n<tr>\n<td class=\"news-rsf-table-string\">\n<ul>\n<li><span style=\"font-size: 20px; color: #000000;\">Outward remittances from personal or business foreign currency accounts limited to $20,000<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 20px; color: #000000;\">The capital controls \u201crisk the emergence of parallel exchange rates, disrupt access to imports and ultimately may well stall the economy,\u201d said Tim Ash, a strategist at\u00a0<a style=\"color: #000000;\" title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/BBAY:LN\">BlueBay Asset Management<\/a>\u00a0in London. \u201cThey might all just make the end game more painful, rather than actually resolving anything.\u201d<\/span><\/p>\n<p><span style=\"font-size: 20px; color: #000000;\"><em>\u2014 With assistance by Asantha Sirimanne<\/em><\/span><\/p>\n<div class=\"trashline\"><span style=\"font-size: 20px; color: #000000;\">(Updates with details on future payment dates in the fifth paragraph.)<\/span><\/div>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Asia\u2019s Highest Default Risk Spotlights Sri Lanka Debt Worry-By Anusha Ondaatjie and Lilian Karunungan \u00a0 Nation has to service $1 billion of debt maturing in July \u00a0 Sri Lanka says arrangements made to settle July bond Source:Bloomberg Sri Lanka\u2019s risk premium for a default jumped, reflecting concern that the pandemic is damaging the nation\u2019s ability [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":68517,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20,35513],"tags":[35765,35766],"class_list":{"0":"post-68516","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"category-elanka-finance","9":"tag-anusha-ondaatjie","10":"tag-lilian-karunungan","11":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Asia\u2019s Highest Default Risk Spotlights Sri Lanka Debt Worry-By Anusha Ondaatjie and Lilian Karunungan<\/title>\n<meta name=\"description\" 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