Sri Lanka's restructuring is off to a rocky start
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Economy has completely collapsed, with no FX reserves, critical goods shortages, 55% inflation and rapid money printing
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IMF cites "significant progress", but reticence from China and legal action by commercial creditor(s) could slow process
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Restructuring likely to be protracted and more attractive entry point for bonds could emerge; retain Hold (ex-22s)
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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.