As the IMF Executive Board recently approved Sri Lanka’s Third Review of its IMF-supported program, Clifford Chance says it remains committed to advising Sri Lanka through the final stages of its debt restructuring process in 2025.
Clifford Chance, alongside financial advisor Lazard, has successfully advised the Government of Sri Lanka on its sovereign bond exchange offer, marking a pivotal moment in the country’s multi-year debt restructuring process.
This marks the final step in a comprehensive effort to restore Sri Lanka’s debt sustainability following a moratorium in April 2022.
The sovereign bond exchange offer, one of the most complex in recent years, introduced several innovations to sovereign debt restructuring. Notably, the offer included the issuance of macro-linked bonds and governance-linked bonds.
Clifford Chance says it played a key role in advising on the legal structuring and drafting of these innovative financial instruments.
The successful execution of this exchange offer and the final distribution of new bonds on February 27, 2025, brought the long-awaited debt restructuring process to its conclusion. This transaction adds to Clifford Chance’s robust track record of advising on complex sovereign debt restructurings, the firm said.