On 12 April, the Central Bank of Sri Lanka announced that it would suspend payments on US $51 billion in offshore debt obligations to preserve the nation’s dwindling foreign reserves. The statement indicated that technical default was imminent.¹ Manulife IM examines the difficult road ahead for Sri Lanka amid default and restructuring, as well as the unique lessons this incident offers investors for adopting holistic credit frameworks to assess sovereign high-yield credits. READ MORE
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