The Maldives will test the global market for Islamic finance in the coming weeks, as the debt-burdened archipelago nation hunts for a bailout that will prevent it becoming the first country to default on a key form of sharia-compliant debt.
The price of a $500mn bond-like sukuk issued by the government has collapsed to about 70 cents on the dollar over the past month ahead of a payment due in October, as its foreign reserves run low.
A default on the bond, which matures in 2026, would be the first by a sovereign for sukuk debt, of which about $860bn were in issue at the start of the year, according to Fitch Ratings.
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