COLOMBO: Order book for Sri Lanka's 10-year sovereign bond has already exceeded $1 billion in Asia, while the initial price guidance had remained at around 7 percent, sources close to the deal said on Tuesday.

Sri Lanka is selling a 10-year sovereign bond that Standard & Poor's said will raise $1 billion.

Sri Lanka, rated B1/B+/BB- (Moody's/S&P/Fitch), has mandated Citigroup, Deutsche Bank, HSBC and Standard Chartered for the offering of US dollar bonds, and these will be priced later on Tuesday, the people familiar with the plans said.

The island nation raised $650 million via a 10-year sovereign bond on May 28, which carried a coupon of 6.125 percent per annum.

Copyright Reuters, 2015