Sri Lanka has launched an offer for investors to swap $12.5bn of dollar bonds into new reduced debts, in a deal that is expected to end the south Asian nation’s first ever external default.
The Sri Lankan government said on Tuesday that investors have until December 12 to vote on a proposal that would end a two-year saga for the island country and its bondholders, a majority of whom have indicated they will back the swap.
Sri Lanka halted payments on its dollar debt in May 2022 as a currency crisis shattered foreign exchange reserves. A resolution was delayed as China, a significant creditor, and other lenders disagreed over how to restructure over $40bn of debt.
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