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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Market Moves more

Dar Al Arkan’s cash stockpile sends bonds to five-year high

Posted on 21 February 2012

Dar Al Arkan Real Estate Development Co’s Islamic bonds are surging to the highest level since 2007 as the second-biggest Saudi developer by market value improved its ability to repay debt by more than doubling cash holdings.
The price on the Riyadh-based company’s dollar-denominated floating-rate sukuk due in July has gained 5.8 per cent this year to 96.66 cents on the dollar yesterday, according to data compiled by Bloomberg. That outpaced the 0.8 per cent gain in the Dow Jones Citigroup Sukuk Index, which tracks global Islamic bonds………………………………………..Full Article: Source

 
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