Sri Lanka Kicks Off $12.6 Billion Distressed Debt Exchange

President says restructuring lays groundwork for bright future
Global funds would take a haircut of up to 16 cents on dollar

Sri Lanka’s dollar bonds have handed investors a gain of almost 30% this year, among the best in Asia. — Sri Lanka’s dollar bonds have handed investors a gain of almost 30% this year, among the best in Asia.
Photographer: Thilina Kaluthotage/Bloomberg

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By Karl Lester M Yap, Matthew Burgess, Catherine Bosley, and Jorgelina Do Rosario

November 26, 2024 at 12:16 AM EST

Updated on

November 26, 2024 at 12:37 PM EST

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Sri Lanka is kicking off an exchange to swap $12.6 billion of its bonds for longer-dated notes as it seeks to complete its dollar-denominated debt restructuring.