| The Islamic bonds of Majid Al Futtaim (MAF) Holding LLC, a Dubai-based family-run operator of malls and hotels, rose to the highest since their debut, buoyed by a rebound in Dubai’s tourism and real estate markets.
The yield on the 5.85 per cent sukuk due February 2017 fell 174 basis points since they were sold on January 31 to 4.1 per cent today. Average yields on sukuk from the six-nation Gulf Cooperation Council (GCC) dropped 106 basis points in the period to 3.23 per cent on Friday, the HSBC/Nasdaq Dubai GCC US Dollar Sukuk Index shows. MAF is rated the second-lowest investment grade at Standard & Poor’s, while Dubai’s debt isn’t ranked...............................................Full Article: Source
|