{"id":145121,"date":"2015-05-25T00:39:11","date_gmt":"2015-05-24T19:09:11","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=145121"},"modified":"2015-05-25T00:39:11","modified_gmt":"2015-05-24T19:09:11","slug":"wikileaks-bond-issue-2007-unp-will-not-be-able-to-honour-repayment-ranil-wrote-to-jp-morgan-barclays-hsbc","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/wikileaks-bond-issue-2007-unp-will-not-be-able-to-honour-repayment-ranil-wrote-to-jp-morgan-barclays-hsbc\/","title":{"rendered":"WikiLeaks: Bond Issue 2007; ‘UNP Will Not Be Able To Honour Repayment’ – Ranil Wrote To JP Morgan, Barclays & HSBC"},"content":{"rendered":"

“The CEO of HSBC in Sri Lanka discounted the UNP threat as ‘silly… political tub-thumping.’ He said there was no way a future UNP government would voluntarily default, and was confident that international markets would be unconcerned by the UNP position. Other international bank and credit rating agency reps gave Econoff the same assessment.” the US Embassy Colombo informed Washington.<\/span><\/p>\n

\"Opposition<\/a>The Colombo Telegraph<\/em> found the related leaked cable from the WikiLeaks<\/span><\/a> database. The unclassified cable discusesSri Lanka\u2019s debut sovereign bond issue. The cable was written by the Ambassador Robert O. Blake<\/span><\/a> on September 05, 2007.<\/span><\/p>\n

The ambassador wrote; “The Government of Sri Lanka plans to issue the country’s first international sovereign bond, in hopes of raising $500 million to fund infrastructure projects. However, the main opposition United National Party has announced that a future UNP government would not honor the bonds, which it claims the country cannot afford. UNP reps told us that their effort to sink the bond issue is primarily political though — an effort to keep the government from being able to buy the continued loyalty of former UNP MPs who joined the government as ministers last January. While markets will likely correctly view the UNP threat as a political move that would never materialize, the timing of the pending bond issue appears to be as bad or worse as sixteen months ago, when the government shelved an earlier plan for a $1 billion sovereign bond issue. Sri Lanka has had little good news to reassure currently skittish international debt markets. Nevertheless, market watchers say that the relatively small bond issue will probably appeal to a sufficient number of international investors who remain interested in diversifying their holdings of high-yielding emerging market debt.<\/span><\/p>\n

“The Central Bank of Sri Lanka, which will float the bond on behalf of the Government, has selected JP Morgan, Barclays Capital and HSBC as joint lead managers of the issue, from among twelve local and international banks that bid on the role. According to a senior Central Banker, the bank plans an October road show to financial centers like New York, London, Frankfurt, Singapore, and Hong Kong to publicize the planned bond issue.”<\/p>\n

“The opposition United National Party has challenged the government’s plan to issue the bonds. UNP leader Ranil Wickremesinghe wrote to JP Morgan, Barclays, and HSBC August 24, stating that ‘the bond issue is in violation of the law’ and that the ‘a future Government formed by the United National Party will not be able to honour the repayment obligations under this bond issue.’ In the letters, Wickremesinghe charges that the government has not informed Parliament of its plans to issue the bonds; that interest payments on the bonds ‘will hamper the sustainability of Sri Lanka’s long-term programme for servicing its existing public debt repayments’; and that the bonds may contribute to corruption, since planned ‘major infrastructure projects… have all been funded by bilateral and multilateral’ lenders. Wickremesinghe sent similar letters to U.S. Securities and Exchange Commission Chairman Christopher Cox and to Cox’s UK equivalent, urging them to ‘consult with the banks concerned and bring to a halt the issuance of this sovereign bond.'” Ambassador Blake further wrote.<\/p>\n

Read the cable below for further details;<\/p>\n

UNCLAS SECTION 01 OF 03 COLOMBO 001218<\/p>\n

SIPDIS<\/p>\n

SENSITIVE<\/p>\n

SIPDIS<\/p>\n

STATE FOR SCA\/INS AND EEB\/IFD\/ODF
\nMCC FOR S. GROFF, D. TETER, D. NASSIRY AND E. BURKE
\nTREASURY FOR LESLIE HULL<\/p>\n

E.O 12958: N\/A
\nTAGS: ECON EINV EFIN KMCA CE<\/p>\n

SUBJECT: SRI LANKA: GOVERNMENT REVIVES SOVEREIGN BOND ISSUE PLANS;
\nOPPOSITION SEEKS TO BLOCK<\/p>\n

REF: A. 06 Colombo 550 B. Colombo 170<\/p>\n

\u00b61. (SBU) Summary: The Government of Sri Lanka plans to issue the
\ncountry’s first international sovereign bond, in hopes of raising
\n$500 million to fund infrastructure projects. However, the main
\nopposition United National Party has announced that a future UNP
\ngovernment would not honor the bonds, which it claims the country
\ncannot afford. UNP reps told us that their effort to sink the bond
\nissue is primarily political though — an effort to keep the
\ngovernment from being able to buy the continued loyalty of former
\nUNP MPs who joined the government as ministers last January. While
\nmarkets will likely correctly view the UNP threat as a political
\nmove that would never materialize, the timing of the pending bond
\nissue appears to be as bad or worse as sixteen months ago, when the
\ngovernment shelved an earlier plan for a $1 billion sovereign bond
\nissue. Sri Lanka has had little good news to reassure currently
\nskittish international debt markets. Nevertheless, market watchers
\nsay that the relatively small bond issue will probably appeal to a
\nsufficient number of international investors who remain interested
\nin diversifying their holdings of high-yielding emerging market
\ndebt. End Summary.<\/p>\n

$500 MILLION BOND TO FUND
\nINFRASTRUCTURE, “SET A BENCHMARK”
\n———————————<\/p>\n

\u00b62. (U) The Government of Sri Lanka has revived plans for the
\ncountry’s first international sovereign bond issue. The government
\nseeks to raise $500 million, or more if demand is strong. The
\ngovernment says it intends to invest the cash it raises in
\ninfrastructure projects. It also expects the bonds to provide an
\ninterest rate benchmark for private Sri Lankan companies seeking to
\nborrow in international capital markets. This is the second time
\nthe government has prepared to tap international markets for a large
\nbond issue (ref A). In mid-2006 the government abandoned plans to
\nraise $1 billion when advisor Citibank judged that the resumption of
\ncivil war made the timing inopportune.<\/p>\n

\u00b63. (SBU) The Central Bank of Sri Lanka, which will float the bond on
\nbehalf of the Government, has selected JP Morgan, Barclays Capital
\nand HSBC as joint lead managers of the issue, from among twelve
\nlocal and international banks that bid on the role. According to a
\nsenior Central Banker, the bank plans an October road show to
\nfinancial centers like New York, London, Frankfurt, Singapore, and
\nHong Kong to publicize the planned bond issue.<\/p>\n

OPPOSITION SEEKS TO BLOCK THE BOND ISSUE
\n—————————————-<\/p>\n

\u00b64. (U) The opposition United National Party has challenged the
\ngovernment’s plan to issue the bonds. UNP leader Ranil
\nWickremesinghe wrote to JP Morgan, Barclays, and HSBC August 24,
\nstating that “the bond issue is in violation of the law” and that
\nthe “a future Government formed by the United National Party will
\nnot be able to honour the repayment obligations under this bond
\nissue.” In the letters, Wickremesinghe charges that the government
\nhas not informed Parliament of its plans to issue the bonds; that
\ninterest payments on the bonds “will hamper the sustainability of
\nSri Lanka’s long-term programme for servicing its existing public
\ndebt repayments”; and that the bonds may contribute to corruption,
\nsince planned “major infrastructure projects… have all been funded
\nby bilateral and multilateral” lenders. Wickremesinghe sent similar
\nletters to U.S. Securities and Exchange Commission Chairman
\nChristopher Cox and to Cox’s UK equivalent, urging them to “consult
\nwith the banks concerned and bring to a halt the issuance of this
\nsovereign bond.”<\/p>\n

\u00b65. (SBU) A UNP economic advisor told Econoff, however, that if given
\nthe opportunity to do so in a future government, the party does not<\/p>\n

COLOMBO 00001218 002 OF 003<\/p>\n

in fact intend to default on the bonds. The move, he said, is
\nrather a political tactic in the UNP’s strategy to bring down the
\nRajapaksa government. The UNP believes that, if it can block the
\nbond issue, it will be able to lure back former UNP members of
\nparliament who joined the Rajapaksa government as ministers in
\nJanuary (ref B). Conversely, the UNP believes that if the bond goes
\nthrough, the government will be able to buy the continued support of
\nthose MPs by allocating much of the cash to the ministries they
\ncontrol. The advisor stuck with the UNP’s charge that the bond
\nissue would violate the law, saying that it would cause the
\ngovernment’s total outstanding debt to exceed a maximum established
\nby Parliament. One of the UNP ministers who joined the SLFP in
\nJanuary likewise told Ambassador that the UNP had made, but not
\nfollowed through on, a similar threat to block the partial
\nprivatization of the national airline in the 1990s.<\/p>\n

\u00b66. (SBU) The CEO of HSBC in Sri Lanka discounted the UNP threat as
\n“silly… political tub-thumping.” He said there was no way a
\nfuture UNP government would voluntarily default, and was confident
\nthat international markets would be unconcerned by the UNP position.
\nOther international bank and credit rating agency reps gave Econoff
\nthe same assessment. (The Colombo-based JP Morgan representative
\ntold Econoff he could not comment on the impact of the UNP’s letter
\nto JP Morgan while his firm conducted due diligence preparations for
\nthe bond issue.)<\/p>\n

\u00b67. (SBU) As for the government’s legal right to proceed with the
\nbonds, the senior Central Banker told Econoff that in fact the
\ngovernment had notified Parliament, in its November 2006 budget
\nproposal for 2007, that it planned “foreign borrowings up to one
\nbillion dollars.” Finance Ministry and Central Bank officials told
\nEconFSN that Foreign Loans are covered under Sri Lanka’s Foreign
\nLoans Act and therefore do not need special parliamentary approval
\nand that debt levels under the Fiscal Management Responsibility Act
\nare only targets to improve transparency and accountability, not
\nbinding limits.<\/p>\n

S&P SAYS SRI LANKA CREDIT OUTLOOK “STABLE”
\n——————————————<\/p>\n

\u00b68. (U) On August 9, Standard & Poor’s Ratings Services upgraded its
\noutlook on Sri Lanka’s credit ratings from “negative” to “stable.”
\n(According to S&P, a negative outlook is used to signal that the
\nrating may be lowered in the near future, whereas stable signals the
\nrating is unlikely to change.) S&P kept Sri Lanka’s long-term
\nforeign currency rating unchanged at B+, or four tiers below
\ninvestment grade. S&P attributed the improved outlook to “higher
\ntax collections, strengthening of fiscal and macroeconomic
\ncoordination, elimination of fuel subsidies and revision of
\nelectricity prices” and “the limited impact on the economy from the
\nrenewed fighting.”<\/p>\n

\u00b69. (SBU) The senior Central Banker told Econoff that JP Morgan had
\nbeen influential in the S&P outlook decision, both by helping the
\nBank prepare for the S&P assessment and by convincing S&P during its
\ndeliberations that the Sri Lankan economy was in fact holding
\nstable. According to the Central Banker, Citibank had not been as
\nhelpful in preparing the bank for the April 2007 Fitch Ratings
\nassessment, which ended with Fitch keeping its outlook at
\n“negative.” The new local Citibank head acknowledged to Econoff
\nthat JP Morgan had beaten Citibank on “customer service,” but
\nmaintained that Citi would have been a better choice than JP Morgan,
\nBarclay’s or HSBC to lead the bond issue.<\/p>\n

COMMENT: POLITICS ASIDE, TIMING FAR FROM OPTIMAL
\n——————————————— —<\/p>\n

\u00b610. (SBU) Aside from its political agenda, the opposition seeks to
\nblock this bond issue because it doubts the government will<\/p>\n

COLOMBO 00001218 003 OF 003<\/p>\n

productively invest the proceeds in infrastructure projects. This
\nis a valid concern on three levels. First, as the opposition fears,
\nthe government may well use the funds to retain the loyalty of
\nex-UNP ministers by permitting them to pursue pork-barrel projects.
\nSecond, the government has said it intends to build infrastructure
\neven where there is not currently a market demand (like the
\nWeerawila airport), or which could be built more efficiently by the
\nprivate sector (like an expanded oil refinery at Sapagaskunda).
\nThird, the government is showing signs of being short on cash to
\nbridge an apparently growing fiscal deficit, so it will likely use
\nsome of the bond funds for current, rather than capital,
\nexpenditures.<\/p>\n

\u00b611. (SBU) While markets will likely correctly view the UNP threat as
\na political move that would never materialize, the timing of the
\npending bond issue appears to be as bad or worse as sixteen months
\nago, when the government shelved its earlier sovereign bond issue
\nplan. Aside from the S&P outlook returning to stable, Sri Lanka has
\nhad little good news to reassure currently skittish international
\ndebt markets. Nevertheless, market watchers say that the relatively
\nsmall bond issue will probably appeal to a sufficient number of
\ninternational investors who remain interested in diversifying their
\nholdings of high-yielding emerging market debt.
\nBLAKE<\/p>\n","protected":false},"excerpt":{"rendered":"

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