UAE-Based NMC Health’s Five-Year Dollar Sukuk Loses Value

The five-year dollar Sukuk maturing in 2023, issued by the United Arab Emirates (UAE) based healthcare company, NMC Health (NMC), fell by 36.5 cents on the dollar to 24.8 during the week, after debt worth USD 2.7 billion previously undisclosed to the Board of Directors (Board), came to light, said Reuters.

Refinitiv data further showed that yields on the Sukuk yield increased to 59.2% on the 11th of March 2020, from a close of 24.1% the previous day, indicating potential losses to investors.

The company has been at the epicentre of controversy since December 2019, when Muddy Waters, a U.S.-based short-seller, raised concerns about its fin...