Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) has listed a $100 million sovereign bond issued by the Government of Maldives for the Abu Dhabi Fund for Development (ADFD).
Listed through a private placement and denominated in US dollar, the 5-year bond’s coupon rate amounts to 5.5% annually, according to an official statement released on Thursday.
“This issuance strengthens the Government of Maldives’ ability to find the necessary funding as it prepares to expand its expenditure on development projects and accelerate the economic and social development of the country,” Ambassador of the Republic of Maldives to the UAE Hussain Niyaz commented.
The recent listing is the first foreign sovereign bond to have a primary listing on an Emirati or a Middle Eastern market.
“ADX seeks to become the preferred listing and trading platform, and works on consolidating its position as a leading market in the region by providing the most innovative products and services to ensure a fair and secure investment environment,” ADX’S CEO Rashid Al Baloushi said.
