Manufacturing activities increased at a slower rate in February 2019 compared to January 2019, mainly driven by the decrease in new orders and production, especially in manufacturing of textiles, wearing apparels, leather and related activities. This decline was mainly due to the lesser number of working days in February. Stock of purchases also decreased during the month in line with the decrease in new orders and production.

However, a slight improvement in employment was experienced with the recruitment of new employees to enhance business activities for upcoming seasonal demand. Meanwhile, suppliers’ delivery time lengthened at a slower rate. Logistical issues experienced at the beginning of February and supply disruptions due to Chinese new year holiday season have lengthened the suppliers’ delivery time. All sub-indices apart from new orders and production, recorded values above the neutral 50.0 threshold.

On March 7th, 2019, the Central Bank of Sri Lanka (CBSL), on behalf of the Democratic Socialist Republic of Sri Lanka (Sri Lanka), returned to the USD bond markets, successfully pricing a new issuance of USD 1.0 billion 5-year and USD 1.4 billion 10-year Senior Unsecured Fixed Rate Bonds (the Bonds) with maturity dates of March 14th, 2024 and March 14th, 2029, respectively. The Bonds have been rated ‘B2’, ‘B’ and ‘B' by Moody's Investors Service, Standard and Poor’s and Fitch Ratings respectively. 

This marks Sri Lanka’s thirteenth USD benchmark offering in the international bond markets since 2007, reflecting the international investor community’s continued support for Sri Lanka through the years. BOC International, Citigroup, Deutsche Bank, HSBC, J.P. Morgan, SMBC Nikko and Standard Chartered Bank acted as the Joint Lead Managers and Bookrunners on the successful transaction.