The $3.52 billion (Dh12.92bn) Nakheel sukuk (09) traded yesterday above its maturity value on high demand from investors, sources in the bond market said.
Expectation of an additional $6 bonus to be redeemed against each note on the maturity date of December 14 coupled with the positive sentiment generated by the reassuring speech made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and the Ruler of Dubai, saw the Nakheel sukuk (09) trading at around $111.5, which is above the maturity value of $109.57, said market sources.
Top officials representing institutional investors and bond traders told Emirates Business that in the absence of a qualified public offer (QPO) – whereby sukuk holders could exercise the option of subscribing to the public share offer – the issuer would pay the holders an additional $6 per note
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