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Wednesday, 8 February 2017

MIDEAST DEBT-ICD’s performance makes case for 10-year Saudi sukuk, investors say | Reuters

MIDEAST DEBT-ICD’s performance makes case for 10-year Saudi sukuk, investors say | Reuters:

"A strong performance by $1 billion of 10-year Islamic bonds from a Dubai sovereign fund suggests investors are being driven into longer maturities of Middle Eastern debt, and could encourage Saudi Arabia to issue 10-year sukuk later this year. In late January, Investment Corp of Dubai (ICD) sold sukuk due in February 2027 with a 5.056 percent yield. The 10-year maturity was unusual for an Islamic bond from the Gulf, where most sukuk have had maturities of five or seven years. ICD’s paper started tightening in the secondary market right after it was issued, gaining 2.5 points in price on the first day of trade and has continued to firm."



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