Dana Gas PJSC’s Islamic bonds surged to a record after the company failed to provide details on how it plans to repay $1 billion of sukuk maturing in October.
The yield on the 7.5 per cent Shariah-compliant notes jumped 425 basis points, or 4.25 percentage points, to 44.6 per cent at 3:05 pm in Dubai. The price sank to 75.99 cents on the dollar. Dana Gas shares fell 2.2 per cent, the most in more than a week, to 44 fils after plunging 38 per cent last year.
The company’s board yesterday considered updates on its stake in Mol Nyrt as well as on financing projects in Egypt and the United Arab Emirates, Dana Gas said today, without giving further details. Dana Gas’s unlisted parent Crescent Petroleum Co owns 3 per cent of Mol, Hungary’s largest oil refiner, according to data compiled by Bloomberg.
No comments:
Post a Comment