• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Exclusive-Maldives picks Centerview as debt adviser amid financing crunch

by October 12, 2024
written by October 12, 2024

By Karin Strohecker

LONDON (Reuters) – The Maldives has chosen U.S.-headquartered Centerview Partners to be its adviser on debt matters as the country battles to stave off a financial crisis, two sources familiar with the situation said.

Concerns have grown in recent months that the island nation could become the first country to default on Islamic sovereign debt as the government faces a $500-million Sukuk maturing in 2026 and dwindling foreign currency reserves.

According to the World Bank, the country’s total public and publicly guaranteed debt stood at $8.2 billion, or equivalent to 116% of GDP, in the first quarter of this year.

About half of that is external debt, with a big chunk owed to regional rivals China and India, which have extended $1.37 billion and $124 million in loans, respectively, World Bank data shows.

Both countries have in recent weeks shored up their support to the Maldives, easing investor concerns about a debt crisis and helping to bolster its international bonds.

Beijing signed a financial cooperation agreement with the Maldives in September to strengthen trade and investment. India subscribed to a $50-million Maldives Treasury bill last month and said in October it had approved currency swap deals worth more than $750 million.

The Maldives’ sole international bond, which had tumbled to 66 cents on the dollar in early September as debt concerns deepened, currently trades around the 80-cents mark, Tradeweb data showed.

That is well above the threshold of 70 cents, below which debt is considered distressed.

Investment and advisory firm Centerview Partners, founded in 2006, has recently been on a push to increase its sovereign advisory business and has been hiring widely over the past year to beef up its global operations both in Paris and New York.

The Maldives’ government did not immediately respond to a request for comment.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Taiwan’s China Airlines says no political pressure on new aircraft order
next post
Google wants US judge’s app store ruling put on hold

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • US SEC gives green light for options listing for spot bitcoin ETFs to NYSE
    • How to avoid store credit cards with a potential debt bomb

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy