When a natural gas producing company in the United Arab Emirates missed repaying a $920 million Islamic bond last week, it became the first UAE company to fail to redeem a bond on time. But the region's debt market
barely blinked.
Yields on some firms' outstanding Islamic bonds, known as sukuk, dropped to fresh record lows as investors continued pouring money into them. Other companies laid plans for new issues of sukuk.
The incident underlined the extent to which the Gulf's Islamic debt market, which is playing an increasingly important role in funding companies, has strengthened in the past year.
Not long ago, a billion-dollar payment miss would have triggered a crisis of confidence in the market; now, it is almost ignored.
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