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Maldives raises $100 mln with private placement in Abu Dhabi -sources

ADX

The Maldives is raising $100 million with the private placement of a sovereign bond to the Abu Dhabi Fund for Development, sources told Reuters on Wednesday.

The Maldives government announced plans in 2016 to sell sovereign bonds to help raise finances for its ambitious infrastructure development programme.

The dollar-denominated will become the first sovereign bond to be listed on the Abu Dhabi Securities Exchange (ADX) when the planned listing takes place on Thursday.

First Abu Dhabi bank was the book runner for the bond, which has a five-year maturity with a 5.5 percent yield, the sources said.

Fitch Ratings assigned the bond a final rating of ‘B+’.

An ADX official confirmed the listing of the bond for the Maldives government but declined to give details.

The Maldives issued a $200 million, five-year, debut sovereign bond last year at a coupon rate of 7 percent per annum with Hong Kong-based BoCom International Holdings Co Ltd as the global coordinator for the debt sale.

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Source URL: Bing News :

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