The Maldives has won a prestigious international award for its USD 200 million sovereign bond listed at Singapore’s stock exchange.
This bond was listed by the Maldivian state to fund various developmental projects to be carried out. The Maldives won the prestigious “Triple A Country” award, which is given by The Asset magazine.
The finance ministry released a statement on the achievements of the bond, stating that with this award, the bond has become one of the best investments of South Asia.
Prices over USD 400 million were offered by eager investors who expressed interest in the bond, which was sold in May 2017 at a seven percent coupon rate. That bond is to be repaid within five years.
This achievement marks the first sovereign bond to be ever sold internationally from the Maldives, winning a prestigious award that has been honouring the field of financial excellence for 19 years.