- The government is offering MVR 645.41 million in Treasury bills across four maturities on 6 September 2026, with interest rates ranging from 3.50 to 4.60 per cent.
- The largest allocation is MVR 265 million in 28-day bills at 3.50 per cent, with the 28-day and 182-day securities together making up about 79.3 per cent of the offering.
- Approximately 87.1 per cent of the issuance would fall due by 8 March 2027 if fully subscribed, requiring repayment or refinancing within six months of settlement.
The government’s upcoming MVR 645.41 million Treasury bill offering would leave more than two-fifths of the amount repayable within 28 days if fully subscribed, with the largest allocation concentrated in the shortest maturity.
The Ministry of Finance and Public Enterprises has scheduled the sale for 6 September 2026, with settlement on 7 September. The offering comprises four maturities, carrying annual interest rates ranging from 3.50 to 4.60 per cent.
The largest portion is MVR 265 million in 28-day bills, representing approximately 41.1 per cent of the total. These carry a rate of 3.50 per cent and mature on 5 October 2026.
A further MVR 247 million is allocated to 182-day bills at 4.23 per cent, maturing on 8 March 2027. Together, the 28-day and 182-day securities account for approximately 79.3 per cent of the offering.
The remaining allocations comprise MVR 50.01 million in 98-day bills at 3.87 per cent, maturing on 14 December 2026, and MVR 83.4 million in 364-day bills at 4.60 per cent, maturing on 6 September 2027.
The maturity profile means MVR 562.01 million, or approximately 87.1 per cent of the proposed issuance, would fall due by 8 March 2027 if the sale is fully subscribed. The government would therefore need to provide for repayment or refinance most of this borrowing within six months of settlement.
The MVR 645.41 million offered represents the bills’ total face value. Treasury bills are sold at a discount, meaning investors pay less upfront than the amount repayable at maturity. Based on the published prices, full subscription would generate approximately MVR 635.43 million in proceeds.
Subscriptions must be submitted using the ministry’s prescribed form between 8.30am and 11am on 6 September. Payment is required in full on the settlement date.
