Sri Lanka reserve crash in one chart
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October reserves, released today, show continued drop from US$2.7bn to US$2.27bn (c6 weeks of import)
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Rare that any country allows reserves to drop this low without defaulting, notwithstanding attempted bridge financing
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We retain Hold on January 22s (but with less confidence). No rating on July 22s. Sell on the rest of the eurobond curve
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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.