Government offers MVR 645.41 million in Treasury bills
The Finance Ministry is offering MVR 645.41 million in Treasury bills across four maturities, with more than 87 percent of the issuance falling due within six months if fully subscribed.
The government's upcoming Treasury bill offering totals MVR 645.41 million across four maturities, with sale scheduled for 6 September 2026 and settlement the following day.
The bills carry annual interest rates ranging from 3.50 to 4.60 percent. The largest allocation is MVR 265 million in 28-day bills, accounting for roughly 41.1 percent of the total, carrying a 3.50 percent rate and maturing on 5 October 2026.
A further MVR 247 million has been allocated to 182-day bills at 4.23 percent, maturing on 8 March 2027. Together, the 28-day and 182-day bills make up approximately 79.3 percent of the offering.
The remaining allocations comprise MVR 50.01 million in 98-day bills at 3.87 percent, maturing on 14 December 2026, and MVR 83.4 million in 364-day bills at 4.60 percent, maturing on 6 September 2027.
Given this maturity profile, MVR 562.01 million, or about 87.1 percent of the proposed issuance, would fall due by 8 March 2027 if fully subscribed, meaning the government would need to arrange repayment or refinancing for most of this borrowing within six months of settlement.
The MVR 645.41 million figure represents the face value of the bills. Since Treasury bills are sold at a discount, investors pay less upfront than the amount repayable at maturity, with full subscription expected to generate approximately MVR 635.43 million in proceeds.
Subscriptions must be submitted using the Finance Ministry's prescribed form between 8:30am and 11am on 6 September, with payment required in full on the settlement date.