The idea that "markets hate uncertainty" is a cliche, but it has proved all too correct this month for Dana Gas.
An information vacuum after a board meeting on January 4 to discuss the company's financial position, coupled with uncertainty over how the company intends to repay $920 million of a $1 billion convertible sukuk (Islamic bond) when it matures in October, caused the market to turn on the UAE energy firm.
Its share price dropped 17 per cent in three days and the sukuk price slid on Monday to 64 cents on the bid side in the secondary market, according to Thomson Reuters data.
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