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Rupee Bond Yields Rise Ahead of Debt Auction: Inside Sri Lanka

Investment Bank in Sri Lanka

(Bloomberg) – Sri Lanka’s bonds fell ahead of an auction of 70 billion rupees ($400m) of Treasury debt Thursday.

* Rates are up ahead of the auction and amid selling after an “overreaction” to a recent drop in yields, says Dimantha Mathew, head of research at First Capital in Colombo

* Yield on 10.9% govt bonds due in March 2024 rose 6bps to 10.38% on Wednesday: data compiled by Bloomberg

* Monetary authority on Wednesday sold 17.7b rupees of Treasury bills

* USD/LKR little changed at 176.51

* Global funds sold a net $0.2m of local shares on Wednesday, taking withdrawals for the year to $31.9m: exchange data