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Dana Gas sukuk: The clock is ticking

Posted on 24 October 2012

With less than a week until maturity, Dana Gas sukuks are trading at a significant discount to face value as negotiations continue on what would be the UAE’s first ever restructuring of an Islamic bond.
On Tuesday, the sukuk was trading at a 21 per cent discount, undermined by worries about the company’s cash position. In its first-half financial statements, the Sharjah-based energy company reported a cash balance of $164m, a fraction of the funds required to repay the debt………………………………………..Full Article: Source

 
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