Government Securities

Domestic Securities

The Ministry of Finance (MoF) issues government securities to ensure financing of government deficit. The Maldives Monetary Authority (MMA) acts as the government’s agent for the issuance and management of domestic government securities, under an agency agreement signed between MoF and MMA. Additionally, MMA establishes and reviews procedures and systems to ensure that the issuance of government securities is undertaken efficiently and effectively.

At present, the government issues three types of domestic securities - treasury bills, USD denominated Reverse Dual Currency treasury bills and treasury bonds.

Treasury Bills

Treasury bills (T-bills) was first introduced by MMA on September 10th, 2006, replacing the MMA Certificate of Deposits to finance government deficit. Currently, all securities are issued in the primary market. T-Bills are issued via private placements to commercial banks, state-owned enterprises (SOEs), institutional investors and private companies with the main aim of raising funds for government budget financing requirements.

T-bills are issued in accordance with the Prospectus for Treasury Bills Tap and the Prospectus for Treasury Bills Auction. At present, they are offered for 28-day, 91-day, 182-day and 364-day tenures and are sold at a discount, where each T-bill carries a face value of MVR 10,000 and all subscriptions for T-bills are in minimum and multiples of 10 T-bills.

USD Denominated Reverse Dual Currency Treasury Bills

Reverse Dual Currency or RDC T-bills pay the discount in Maldivian Rufiyaa and the Purchase Value in United States Dollars. The RDC T-bills are currently issued on private placement basis only.

Treasury Bonds

The Government treasury bonds (T-bonds) issued to date are medium to long-term debt securities. The T-bonds are in MVR and carry coupon payments throughout the life of the security.

Current MVR Treasury Bill rates are stated below.

Type of Security Rates
28-Day MVR Treasury Bill 3.50%
91-Day MVR Treasury Bill 3.87%
182-Day MVR Treasury Bill 4.23%
364-Day MVR Treasury Bill 4.60%

Current Domestic Securities Outstanding are stated below.

Type of Security Amount Outstanding (in MVR millions)
MVR Treasury Bills 13,511.70
USD Denominated Reverse Dual Currency Treasury Bills 767.42
Treasury Bonds 9,208.96
Total Outstanding 23,488.08

As at end December 2018


External Securities

The Government of Maldives started its external securities operations in 2017, with the issue of its debut sovereign bond in the international market. External securities operations are headed by the Ministry of Finance, and to date, two external issuances have been made by the Government.

Current External Securities Outstanding are stated below.

Type of Security Amount Outstanding (in MVR millions)
Treasury Bonds 5,393.50
Total Outstanding 5,393.50

As at end December 2018


Bond Price Updates


Ticker Amount USD Rating (Moody's/Fitch) Issue Date Maturity Date Coupon Coupon Payments Listing Offering Circular MoF Press Release
MVMOFB 200,000,000 (B2/B+) 7 June 2017 7 June 2022 7.0% p.a. Semi-annually on June 7 and December 7 SGX Offering Circular Press Release
MVMOFB 50,000,000 (B2/B+) 5 December 2017 7 June 2022 7.0% p.a. Semi-annually on June 7 and December 7 SGX Offering Circular
MVFN5Y0423 100,000,000 (--/B+) 26 April 2018 26 April 2023 5.5% p.a. Semi-annually, on October 26 and April 26 ADX Offering Circular Press Release

Real-time price updates for the openly traded USD 250 million bond (MVMOFB) is publicly available on Markets Insider website.

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