COLOMBO, Aug 26 (Reuters) - Sri Lanka's state-run NationalSavings Bank (NSB) plans to raise a minimum $500 millionthrough the sale of a likely five-year bond with a target yieldaround 7 percent, sources close to the deal told Reuters onMonday.
The final decision on size of the bond and tenure willdepend on market appetite, the sources said.
The bank, which had originally targeted $1 billion, 10-yearbond, has appointed Citibank, Barclays, and HSBC as the leadmanagers for the lender's first global corporate bond and willstart roadshows on Monday in New York followed by Boston, LosAngeles, London, Hong Kong, and Singapore.
"It will be a minimum of $500 million with minimum five-yeartenure, but depending on the market appetite, the size andtenure will be decided," one source said on condition ofanonymity.
"Currently the markets are highly volatile. Our currentbonds in the secondary market are trading around 7 percent. Thatgives some kind of a signal on the yield."
A second source confirmed the NSB's bond sales plans anddetails.
Barclays (BARC)
