Business
Investors pumping funds into T-Bills and T-Bonds despite low yield rates
By Sanath Nanayakkare
The yield rates of T-Bills and T-Bonds showed a downward trajectory during the course of last week; nevertheless both these debt instruments were notably oversubscribed by investors.The weekly T-Bill auction was oversubscribed by 2 times and T-Bond auction was oversubscribed by 3.5 times during the reporting week.
The total volume of secondary market transactions in T-Bills and T-Bonds increased by 4 per cent in the reporting week compared to the week before, according to the Central Bank of Sri Lanka.
According to a press release issued by the Public Debt Department on 17th May 2024, the Treasury Bill issuance held on May 15th had been oversubscribed.
“Rs. 17,750 million being the maximum aggregate amount offered was raised at phase II, from the Treasury bills at the Weighted Average Yield Rates of 9.04% and 9.43%, respectively, determined at the auction, out of the total market subscription of Rs. 96,970 million.
Similarly, the Treasury bond auction held on 13 May 2024, raised the targeted Rs. 7,000 million (Rs. 1,500 million, 2,500 million and Rs. 3,000 million) out of the total market subscription of Rs. 62,555 million via the Direct Issuance Window, at the Weighted Average Yield Rates of 11.01%, 11.85% and 12.17% respectively, determined at the auction.
Meanwhile, on the banking front, the Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 17th May 2024 decreased by 27 bps to 9.65 per cent compared to the previous week.
“The government raised its targeted amounts quite easily at the last T-Bill and T-Bond sale with investors preferring to pump funds into short term debt instruments. It appears that they expect interest rates will further decline in the future and probably think might as well obtain a low return on their investment because it is anyway a steady source of income,” an analyst familiar with short term debt instruments told The Island Financial Review.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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