Citigroup, Sri Lanka’s dealer manager for the exchange of International Sovereign Bonds (ISBs), confirmed that the new bonds would be issued after meeting the minimum thresholds required under the restructuring terms.
In a statement, Citigroup said:
“Subject to the terms and conditions described in the invitation memorandum, the New Eurobonds, the Exchange Fee Bonds and the Local LKR Bonds will be issued on or around December 20, 2024, with the complete settlement process expected to be finalized shortly thereafter.”
High Creditor Approval Achieved
The government revealed that 97.86% of the aggregate principal amount of outstanding ISBs—totaling $12.55 billion—had consented to the restructuring terms. This overwhelming support from bondholders ensures the success of the planned debt exchange and paves the way for improved economic stability.
This issuance is part of Sri Lanka’s broader efforts to recover from a severe financial crisis and regain investor confidence, following defaults on its external debt obligations last year.