Qatari real estate developer Ezdan Holdings said on Friday that it will be able to repay its dollar sukuk maturing in May this year and April 2022, in response to an S&P downgrade to CCC from B- on default and/or restructuring risk. The company said via an email to Reuters, “The cash and bank balances, cash flows from operations, and the credit lines available to Ezdan will be sufficient to repay Sukuk maturing in May 2021 and April 2022.” It further added, “The group is implementing a strategic plan which is closely monitored on a regular basis, with targets that will lead to a significant increase in the net cash flow from operation.” Ezdan’s 4.375% sukuk due in May and 4.875% sukuk due 2022 fell 6 and 4 points on Friday to 92 and 92.5 respectively following the S&P rating action. The 2021s have fallen further by 0.5 while the 2022s have recovered some of the losses to currently trade at 94.5.

For the full story, click here

Show Buttons
Hide Buttons