Maldives: Our thoughts on the tender offer and new issue
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Maldives launches a cash tender offer for its 2022s, funded by a new issue
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But double-digit yields may be an obstacle to a deal
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Still, unlike Laos, Maldives has time on its side and could benefit from a post-Covid tourism recovery
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.