- The Finance Ministry has invited subscriptions for MVR 1.77 billion in Treasury bills, settling 19 October across four maturities from 28 to 364 days.
- About 73 per cent (MVR 1.29 billion) are 28-day bills at 3.50 per cent, concentrating most repayment into a November funding window.
- Longer-dated bills carry higher rates—3.87, 4.23 and 4.60 per cent—and full subscription would raise roughly MVR 1.75 billion in cash.
Nearly three-quarters of the government’s latest Treasury bill offering would fall due for repayment within four weeks, concentrating most of the proposed borrowing into a short funding window.
The Ministry of Finance and Public Enterprises has invited subscriptions for MVR 1.77 billion in Treasury bills, with sales scheduled for 18 October and settlement on 19 October. The invitation, dated 13 October, covers four maturities ranging from 28 to 364 days.
The largest portion is MVR 1.29 billion in 28-day bills, accounting for approximately 73 per cent of the total offered. These carry an annual interest rate of 3.50 per cent and mature on 16 November 2026.
This structure means that, if fully subscribed, most of the debt would need to be repaid in November. The government would then have to meet that obligation from available funds or refinance it through further borrowing. The short maturity therefore makes near-term cash management a central consideration in the offering.
The remaining MVR 477.8 million is spread across three longer maturities. The ministry is offering MVR 169.03 million in 98-day bills at 3.87 per cent, MVR 140 million in 182-day bills at 4.23 per cent, and MVR 168.77 million in 364-day bills at 4.60 per cent.
These mature on 25 January, 19 April and 18 October 2027 respectively. The rates rise with the length of the borrowing period, meaning the longer-dated bills carry a higher annual financing cost while allowing more time before repayment.
Treasury bills are sold below their face value, with investors receiving the full face value at maturity. Their return is the difference between the purchase price and the repayment amount. The stated rates are annualised, so the 3.50 per cent rate on the 28-day bill does not represent a 3.50 per cent return over four weeks.
The MVR 1.77 billion total represents the face value offered rather than the cash the government would receive. Based on the listed prices, full subscription would generate approximately MVR 1.75 billion.
Applications must reach the ministry between 8.30am and 11am on 18 October, with payment due the following day.
