Davis Polk advised the initial purchasers in connection with the Rule 144A/Regulation S offering by the Government of the Democratic Socialist Republic of Sri Lanka of $1.5 billion principal amount of its 6.850% bonds due 2025.

This was the second sovereign bond offering by Sri Lanka since the change in government after the presidential election in January 2015, and also Sri Lanka’s largest bond offering to date.

The Davis Polk corporate team included partner William F. Barron, counsel Gerhard Radtke and associate Shih-Jern Liang. Partner John D. Paton and counsel Alon Gurfinkel provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.

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