Sri Lanka: Russia-Ukraine conflict raises risk of default
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Large exposure to Russia/Ukraine tourists and oil imports will aggravate balance of payments crisis
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Existing financing pipeline insufficient to stem reserve decline without IMF funding/reform programme
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Bond decline justified with prices in line with recovery value; initiate Sell on 22s and retain Hold on rest of 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.