Bahrain sold $750 million in seven-year Islamic bonds, becoming the first Arab country affected by the Arab Spring this year to tap global bond markets.
The sale was the first in more than a year for Bahrain. Bahrain sold the sukuk at a yield of 6.273 per cent.
Scarce sovereign sales in the region helped investors overlook Bahrain's slowing economic growth, said Sergey Dergachev, at Union Investment Privatfonds. Islamic bonds yielded 75 basis points, or 0.75 of a percentage point, less than the average yield on non-Sharia compliant bonds in the region yesterday, according to HSBC/Nasdaq Dubai bond indexes.
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