Bahrain Sukuk Mauled as Oil Drop Imperils Spending Plans
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Tumbling oil prices are battering Bahrain’s Shariah-compliant bonds.
The Gulf nation’s dollar-denominated sukuk that mature in 2018 have dropped 1.3 percent since the end of September, compared with an average 0.8 percent gain for more than 30 Islamic sovereign dollar bonds tracked by Bloomberg. Only the five-year $1 billion sukuk issued by Pakistan, where Islamic militants have killed more than 50,000 people since 2001, have performed worse.