November 12, 2018 / 8:23 AM / in a month

Sri Lanka dollar bonds drop more than 2 cents as political crisis deepens

LONDON, Nov 12 (Reuters) - Sri Lanka’s dollar-denominated bonds tumbled on Monday after President Maithripala Sirisena dissolved parliament on Friday night and called a general election for Jan. 5 in a move that will likely deepen the country’s political crisis.

The 2020 issue fell as much as 2.7 cents to 94.98 cents, its lowest level since at least January 2017 with bid yields soaring to record levels of more than 9 percent, according to Refinitiv Eikon data. (Reporting by Karin Strohecker, Editing by Abhinav Ramnarayan)

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