Bank of Maldives is holding investor meetings across Asia, the Middle East and Europe to gauge demand for a proposed U.S. dollar sukuk of approximately 300 million dollars carrying a government guarantee. The move comes as the Maldives faces tourism disruption linked to the Middle East conflict and constrained sovereign access to capital markets.
One outlet so far Only Maldives News Network has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
the sukuk is not intended to support the national budget or the government’s cash flow needs
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The proposed issuance is valued at approximately 300 million dollars and would carry a government guarantee.
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The Maldivian government, through the Ministry of Finance, holds a 50.8 percent stake in Bank of Maldives, with other state-linked entities holding additional shares.
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Last month, the Maldives repaid, rather than refinanced, a 500 million dollar Sukuk that had come due, a step analysts said points to constrained sovereign access to capital.
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Last month, the Maldives repaid, rather than refinanced, a 500 million dollar Sukuk that had come due, a step analysts said points to constrained sovereign access to capital.
Word for word from the report in Maldives News Network. Open the report
Fitch Ratings upgraded the Maldives’ long-term foreign currency issuer default rating to CCC- from CC in early June, citing reduced near-term default risk following April’s sukuk repayment.
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Fitch assigned Bank of Maldives its own long-term issuer default rating of CCC- in June, noting that the bank’s rating is capped by the sovereign rating due to a close financial relationship between the government and the bank.
Word for word from the report in Maldives News Network. Open the report
The Maldives’ tourism industry, the backbone of its economy, has faced disruptions this year linked to the conflict in the Middle East, including flight cancellations and higher fuel costs.
Word for word from the report in Maldives News Network. Open the report
