The yield on Dana Gas PJSC (DANA)’s $1 billion Islamic bonds jumped to the highest level in two weeks as the United Arab Emirates energy company reported full-year results without providing an update on the sukuk repayment.
The rate on the 7.5 percent sukuk due in October climbed 79 basis points, or 0.79 of a percentage point, to 64.69 percent at 2:17 p.m. in Dubai, according to data compiled by Bloomberg, the highest since Jan. 16. The price dropped to 68.17 cents on the dollar.
“No one cares about the past,” Akos Kuti, Budapest-based head of research at Equilor Befektetesi Zrt., said in a telephone interview today. “Investors are focusing on the future and whether the company will have enough financial resources to cover the $1 billion payment. The figures for 2011 are not enough.”
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