Maldives sukuk bonds due in 2026 have fallen below 70 cents on the dollar amid default fears, down from about 93 cents in June, making them the worst performers on Bloomberg's Emerging Markets Sovereign Total Return Index. Fitch has downgraded the country to CC, gross foreign reserves stood at $395 million as of June with usable reserves of $45 million, and a $500 million sukuk faces a coupon payment due on 8 October.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
The Maldives, which has $500 million in outstanding sukuk debt, faces a critical coupon payment due on 8 October.
Word for word from the report in Maldives Republic. Open the report
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The value of the sukuk bonds, which are due in 2026, has plummeted to a record low, with the bonds trading at less than 70 cents on the dollar this week.
Word for word from the report in Maldives Republic. Open the report
This marks a significant decline from their June value of approximately 93 cents, making the bonds the worst performers on Bloomberg’s Emerging Markets Sovereign Total Return Index.
Word for word from the report in Maldives Republic. Open the report
The Maldives, which has $500 million in outstanding sukuk debt, faces a critical coupon payment due on 8 October.
Word for word from the report in Maldives Republic. Open the report
According to analysts, the country’s gross foreign reserves have dwindled to $395 million as of June, with usable reserves standing at just $45 million.
Word for word from the report in Maldives Republic. Open the report
According to analysts, the country’s gross foreign reserves have dwindled to $395 million as of June, with usable reserves standing at just $45 million.
Word for word from the report in Maldives Republic. Open the report
The Maldives Monetary Authority (MMA) is reportedly working on securing a $400 million foreign-currency swap with India’s central bank in a bid to bolster reserves.
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The selloff has been exacerbated by recent measures taken by the Bank of Maldives (BML), which introduced new limits on foreign currency spending, further fuelling concerns among bondholders.
Word for word from the report in Maldives Republic. Open the report
The ruling People’s National Congress party’s parliamentary victory in April has strengthened President Dr Mohamed Muizzu’s pro-China stance.
Word for word from the report in Maldives Republic. Open the report
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