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Sovereign bond plan set in motion

A panel formed to take preparations to invite bids, arrange roadshows

Rejaul Karim Byron
The government has finally formed a panel, which will take necessary preparations to float sovereign bonds in the international market.
The committee will coordinate the work of the finance ministry and the central bank for selecting the lead bank, arranging roadshows and holding discussions with the probable investors.
A finance ministry official said the government plans to collect $500 million primarily through the sovereign bonds. The eight-member 'transaction execution committee' formed on January 3 will prepare an 'expression of interest' and will request the BB to invite bids to appoint the lead bank.
The panel headed by Bangladesh Bank Deputy Governor SK Sur Chowdhury will also negotiate with the interested bidders about commission and fees and will put forward necessary recommendations to the BB.
The committee will advise the government on the amount and type of the bonds and monitor transaction settlements after the issuance.
The finance ministry official said the bonds will be issued through several foreign banks operating in Bangladesh and the banks have already submitted a draft proposal to the ministry.
The other committee members are ARM Najmus Saquib, additional secretary to the finance ministry; Mohammad Muslim Chowdhury, a consultant for the Finance Division; Md Ahsanullah, BB executive director; Sarwar Alam, deputy secretary to the Finance Division; Bisnupada Saha, BB general manager; Abu Daiyan Mohammad Ahsanullah, senior assistant secretary to the Finance Division, and Saiful Islam, BB deputy general manager.
The government took the initiative of floating sovereign bonds at the end of 2011 when the foreign currency reserves were under pressure and the taka was losing ground against the dollar.
However, the forex reserves have improved much and crossed the $13-billion mark yesterday.
In December 2011, the BB sent a set of recommendations to the government giving its opinions in favour of floating sovereign bonds.
The BB board also predicted that the balance of payments could be a major headache in the coming days.
The central bank wrote that the gov-
ernment can take long-term credit at low costs by issuing the bonds.
The BB also mentioned some negative aspects of the bonds. It said the country may face pressures due to a devaluation of the local currency at the time of repayment of the loans in foreign currency.
The finance ministry official said international rating agencies — Moody's and Standard & Poor's -- have assigned good ratings to Bangladesh.
If sovereign bonds are floated now, the government will get a good response, he added.
Sri Lanka has recently taken foreign loans for 10 years at an interest rate of 6.25 percent by issuing sovereign bonds.