Sri Lanka bondholders sent $12 billion debt rework proposal to government -sources

Watch onLONDON - Sri Lanka's private creditors have sent a proposal on how to restructure $12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure, said two sources with direct knowledge of the matter.

It foresees issuance of regular sovereign bonds and also of so-called Macro Linked Bonds , which will automatically lower coupon payments starting in 2027 if Sri Lanka fails to meet some of the economic targets linked to its International Monetary Fund programme. The proposal would be a crucial step for Sri Lanka which, under the terms of a $2.9 billion IMF bailout secured in March, has to provide assurances of debt restructuring from bondholders and key bilateral lenders including China, Japan and India.

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