Bombing of Militants Roils Sukuk as Rally Fades: Islamic Finance - Bloomberg:
"Islamic bonds are set for 2014’s first monthly loss as the battle against extremists in Syria and Iraq broadened to involve a coalition of Middle Eastern nations.
A Bloomberg index tracking dollar-denominated sukuk from 43 sovereign and corporate issuers fell 0.3 percent in September. That pared its quarterly return to 0.7 percent, half the 1.4 percent in the three months through June. Average yields on the debt climbed 11 basis points to 2.89 percent this month, the highest level since Aug. 12, according to a gauge compiled by Deutsche Bank AG.
The military offensive against Islamic State insurgents expanded this month as U.S. forces received help from the United Arab Emirates, Saudi Arabia, Jordan, Bahrain, Qatar, the U.K. and France. That increases the perceived risk of retaliatory attacks from militants in the countries involved, while some investors sold their existing sukuk to buy into debut Shariah-compliant bond offers from the U.K. and Hong Kong, Samer Mardini, vice president at SJS Markets Ltd. in Dubai, said in an interview yesterday."
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