Dar al Arkan sukuk rallies hard in secondary market
Dar Al Arkan’s $450m 5.75% five year sukuk has performed well in secondary markets. The paper traded up to 100.75 bid on Wednesday, having been priced below par at 99.47 the day before.
Despite Dar's strong gain on the break, investors insisted that the Saudi real estate company had been right not to push for a tighter yield to maturity. The sukuk was issued below par, presenting investors with a 5.875% profit rate.
This company has yet to develop a loyal investor
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