Sri Lanka Debt Tumbles as Traders See Rising Political Risk
- Some investors see intensifying selloff as buying opportunity
- Opposition leaders have said they’d renegotiate IMF program
Motorists ride past posters of National People's Power presidential candidate Anura Kumara Dissanayake in Colombo.
Photographer: Ishara S. Kodikara/AFP/Getty Images
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A selloff in Sri Lanka dollar bonds intensified on Monday as investors reduced their country exposure over rising political uncertainties before elections later this month.
The country’s dollar bonds due in 2030 fell 3 cents on the dollar to 49.9 cents, the lowest level since February, extending their decline from their peak this year to about 15%. Notes due in 2027 dropped more than 1 cent to 49.6 cents.