Sri Lanka

Sri Lanka's restructuring is off to a rocky start

  • Economy has completely collapsed, with no FX reserves, critical goods shortages, 55% inflation and rapid money printing

  • IMF cites "significant progress", but reticence from China and legal action by commercial creditor(s) could slow process

  • Restructuring likely to be protracted and more attractive entry point for bonds could emerge; retain Hold (ex-22s)
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