IslamicFinance.de

Saad Trading Contracting & Financial Services Co.’s debt securities, known as sukuk, are trading for 25 cents on the dollar compared with this year’s high of 79 cents on Feb. 26, data compiled by Bloomberg show. Saad Group on June 2 appointed BDO Capital Finance to advise the company on restructuring plans after the Saudi central bank last month froze bank accounts of al-Sanea and his family members, reported Haris Anwar on Bloomberg.

Haris Anwar reported on 17 February on Bloomberg that Borse Dubai Ltd. may get half of the USD 2.5 bn it sought to refinance a one-year loan used for the purchase of Swedish exchange operator OMX AB as lenders tighten credit for the emirate amid concern over its ability to repay. The facilty has to pay according bankers 325 basis points over the LIBOR, with an additional 125 basis-point fee and 75 basis-point margin if the lenders allow for a one-year extension. HSBC Holdings Plc is leading the syndication for Borse Dubai. The financing will have a portion compliant with Islamic restrictions.