DUBAI - Dana Gas PJSC may restructure its $1 billion Islamic bond maturing in October as the sukuk repayment weighs on its shares, Bank of America said.
“The concern of a default on the $1 billion convertible sukuk continually lurks in the market,” BofA said in a research note. “Given management’s recent affirmation of honoring all debt obligations, we believe a restructuring scenario will be the most likely outcome. A hybrid solution of rolling over the debt/ partial cash repayment could be negotiated.”