Business : Emaar sukuk rally as mortgage unit worries ease

Emaar Properties PJSC’s sukuk rose to their highest level in two weeks after the company said it didn’t have to reduce the value of assets related to a mortgage subsidiary in the second quarter.

The yield on the 8.5 per cent Islamic notes due August 2016 dropped eight basis points, or 0.08 percentage point, to 7.21 per cent on Tuesday, the lowest level since July 11, according to data compiled by Bloomberg.

The Dubai-based builder of the world’s tallest skyscraper said it was posting no impairments related to affiliate 
Amlak Finance PJSC, which has struggled to raise funds since the onset 
of the global financial crisis.

* username: rupertbu