Dubai property concerns hit top builder's sukuk
Yield on Damac's 2019 debt jumps 69 bps to 5.87% in June
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[DUBAI] Islamic bonds from Damac Real Estate Development Ltd have become the region's worst performers this year just three months after they were issued, amid concern Dubai's property boom is running out of steam.
The developer, which once raffled a Caribbean island in a bid to sell more luxury apartments, was last month caught up in a sell-off led by property securities that sent the local equity gauge into a bear market.
The yield on Damac's 2019 sukuk jumped 69 basis points (bps) to 5.87 per cent in June, according to Bloomberg data, compared with the 10 bp increase to 4.17 per cent for Middle East Islamic bonds on a JPMorgan Chase & Co index.
Share with us your feedback on BT's products and services
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Amazon’s MGM Studios gains creative control over ‘James Bond’ franchise
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
In taxing wealth, how far can Singapore push property owners?
