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Bond Market News
Maldives Receives Funds for Sukuk Coupon Payment
September 23, 2024
Maldives has received sufficient funds from India for the coupon payment of $24.6mn on its 9.875% 2026 sukuk due on 8 October. This has eased the default risk for the island nation in the near term. State Bank of India (SBI), subscribed to $50mn of T-bills issued by Maldives, following the special request by the Government of Maldives, to provide emergency financial assistance. India had given similar aid with SBI subscribing to $50mn of T-bills under the same mechanism, earlier in May 2024. India added that the loan has been offered to the island nation interest-free and that Maldives remains its key maritime neighbor and an important partner. Earlier there were concerns of Maldives defaulting on its first-ever sukuk after its foreign reserves declined leading to downgrades by Moody’s and Fitch, over the past weeks.
Its 9.875% 2026s traded slightly negative at 78.9 cents on the dollar.
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