Dubai Investments is reviving a sale of Islamic bond, or sukuk, after an emerging-market rout forced it to delay the offer, Bloomberg has reported.
Islamic bond sales in the Arabian Gulf plunged last month after Federal Reserve Chairman Ben Bernanke suggested the regulator may start trimming its bond-buying programme if the US economy improves.
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The company has secured a credit rating from Standard & Poor’s, which permits it to target lower borrowing costs, the company’s chief executive Khalid bin Kalban told Bloomberg.
"We were supposed to issue in May or June, but the cost of funding rose," Khalid bin Kalban said.
"Now we’ll come back to the market with a rating and a planned listing, and hopefully get a better profit rate. With the rating, we hope we can get the profit rate below 5%," he was quoted as saying by the publication.
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