Sri Lanka announces external debt restructuring
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The authorities have announced an external debt moratorium, initiating debt restructuring
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Bonds trade near the low end of the recovery range, likely near bottom, but with downside risks from political crisis
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Retain Sell on the '22s and Hold on the rest of the eurobond curve, with the potential for a more attractive entry point
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.