"Dana Gas PJSC (DANA)’s Islamic bonds, which underperformed regional peers this month, are set to benefit as $12 billion of aid pledges to Egypt make it more likely the United Arab Emirates-based company will get paid.
The yield on Dana Gas’ $425 million of 2017 callable notes jumped 153 basis points in the past month to a record 10.56 percent on July 12. The average yield on Gulf Cooperation Council company sukuk tracked by HSBC/Nasdaq Dubai indexes climbed 13 basis points in the period to 4.47 percent.
Payment delays from Egypt and Iraq’s Kurdish region led the fuel producer to fail to redeem $920 million of sukuk in October. Egypt’s default risk has tumbled 270 basis points since hitting a record 925 on July 2 after the army’s ouster of Islamist President Mohamed Mursi prompted Saudi Arabia, the U.A.E. and Kuwait to offer grants, central bank deposits and petroleum products."
'via Blog this'
No comments:
Post a Comment