DEAL: Maldives’ $200m sovereign bond debut

Author: Brian Yap | Published: 13 Jun 2017

The Republic of Maldives has braved the low pricing environment by making its first foray into the global sovereign bond market, setting at the same time a new benchmark for the adoption of collective action clauses (CACs).

The South Asian island nation tested overseas investors’ appetite by issuing a set of $200 million five-year Reg S-eligible notes on a seven percent coupon listed on the Singapore Exchange (SGX), which twice oversubscribed. But, according to Amit Singh, partner at Allen & Overy in Hong Kong, it also broke a decade-long tradition seen in previous sovereign bond offerings in Asia.   

"This was the first time CACs for New York law-governed notes were used in a sovereign bond offering out of Asia-Pacific," he said.


Sovereigns of frontier jurisdictions, such as Mongolia, Fiji and Sri Lanka, have been tapping the international bond market. Mongolia made its debut in November 2012 with...



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