Tagged: JPMorgan Chase & Co

JPMorgan Touts Nakheels Sukuk Saying Default Doubtful: Islamic Finance

JPMorgan Touts Nakheels Sukuk Saying Default Doubtful: Islamic Finance

<p>JPMorgan Chase &amp; Co. is advising clients to buy Nakheel PJSC&rsquo;s Islamic bonds as new projects boost the Dubai developer&rsquo;s earnings, while government backing makes a default improbable. State-run Nakheel&rsquo;s 4.27 billion dirhams ($1.2 billion) of sukuk yielded 9.88 percent at 12:30 p.m. in Dubai, down seven basis points this month, after surging 179 basis points in June. That&rsquo;s more than twice the average gain in yields on corporate Islamic debt tracked by HSBC/Nasdaq Dubai indexes. JPMorgan listed Nakheel in a July 4 research note as its &ldquo;top overweight recommendation&rdquo; among Dubai real-estate debt. Nakheel will manage to pay or refinance as much as half of the $3 billion of debt due in 2016 as it generates at least $1 billion from new projects and land sales.</p>
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<p><a href="http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-sukuk-saying.html" title="http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-sukuk-saying.html">http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-su…</a></p>
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