The yield on Dana Gas (DANA) PJSC’s Islamic bonds maturing in October climbed the most in two weeks ahead of a planned company board meeting tomorrow.
The rate on the $1 billion of 7.5 percent bonds advanced 165 basis points, the most since Dec. 19, to 38.6 percent at 2:37 p.m. in Dubai, according to data compiled by Bloomberg. The yield is the highest since March 2009.
“Investors are anxious ahead of this meeting,” Dubai- based Hans Zayed, head of research and strategist at Rasmala Investment Bank Ltd., said in a telephone interview today. “Dana Gas needs to do something for this refinancing sooner rather than later, because if they leave it to later it becomes a time issue.”
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