Upturn spurs rally of first perpetual bond
The debut perpetual sukuk of Abu Dhabi Islamic Bank have rallied since their sale last month on bets the lender is well positioned to capitalise on the emirate’s economic upturn, even though debt of emerging market peers dropped. Since their issuance on November 8th, the dollar-denominated Islamic bonds yielded 6.05% on Thursday, December 27th , down 33 basis points, or 0.33 percentage point. The average yield on HSBC/Nasdaq Dubai’s US Dollar Sukuk Financial Services Index gained 17 basis points to 2.9% over the same period.
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