Redefining The Bond Market In Mauritius

This article was published in Mauritius Finance Magazine, 5th Edition. A PDF copy is available to download here.

The bond market has rapidly developed over the last decade as an alternative way to raise debt. The Mauritian legislation therefore also evolved to meet the changing needs of industry players.

The rapidly evolving regulatory landscape

The regulatory framework for listed bonds was principally found in the Listing Rules of the Stock Exchange of Mauritius ('SEM') and the rules of the Development and Enterprise Market ('DEM') and was complemented by the provisions of the Companies Act 2001 concerning record-keeping obligations and the appointment by issuers of a debenture holders' representative. Since the first listed bond issuance in 2012 by Omnicane for MUR 3 billion, key market players have followed suit, and the appetite of both issuers and investors appears to have grown steadily since then.