For sun-loving tourists, the Maldives is a top destination for an amazing holiday experience. But for bond investors, the country’s growing political unrest is a reminder of the added investment risks that exist off the more-beaten track.
In June last year the Indian Ocean nation used the occasion of its 45-year friendship with Beijing to issue its first sovereign bond to help fund infrastructure projects. State-owned lender Bank of Communications was sole bookrunner on the deal.
The Reg S bond issue, which was increased to $250 million through a $50 million tap late last year, traded above water until February 1, when a court surprisingly ordered the...
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