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Maldives expects to issue $200 mln int'l sovereign bonds next month

Finance minister Ahmed Munawwar gestures while speaking during the press conference on Thursday. AVAS PHOTO/AHMED SHURAAU

The government would receive USD200 million by selling international soverign bonds next month, finance minister Ahmed Munawwar revealed Thursday.

The minister during a press conference Thursday stressed on the need for the Maldives to explore the world financial market to ensure sustained development.

Munawwar said the government plans to hold roadshows to share information over the international soverign bonds and expects to attract investors to generate the USD200 million next month.

"This would be a historic achievement for this sector. Our neighbours India and Sri Lanka had done the same thing in the past. We had sought the advise of those two countries for our venture. We're really confident that we would be able to get our targeted funds," the minister told local reporters.

Finance ministry last month had made the announcement seeking lead managers and book-runners to sell the bonds in the international capital market, with a fixed coupon and minimum of five year maturity.

"The funds would be used to finance some of the development projects earmarked in the state budget for next year," a statement by the ministry had read.

According to the finance ministry, out of the nine interested parties that had submitted proposals, the government had picked one of the world's leading financial service providers, Deutsche Bank.

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