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Bond Market News
Maldives’ Dollar Bond Drops 11 Points on Reports of Negative Usable Reserves, Political Worries
August 29, 2024
Maldives’ 9.875% 2026s fell by over 11 points from 86.9 to 75.3 cents on the dollar. Maldives’ former Finance Minister Ibrahim Ameer said that credit rating agencies like Fitch and Moody’s were likely to downgrade Maldives’ credit ratings soon. This comes after reports noted that Maldives’s usable dollar reserves had run out, falling to negative levels. On August 21, the government had a $25mn oil bill due and reports suggested that the “payment cannot be delayed”, leading the reserve to go negative. The former finance minister suggested that higher revenue expenditure is the cause behind the current crisis that the state is facing. Besides, on the political front, the Maldives police are investigating an alleged coup attempt to topple President Mohamed Muizzu. This comes after Maldives’ main commercial bank drastically reduced the foreign exchange spending allowed for Maldivians, leading to widespread anger.
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