March 11, 2020 / 9:57 AM / a month ago

NMC Health 5-year dollar sukuk plummet 36.5 cents

DUBAI, March 11 (Reuters) - NMC Health’s five-year dollar sukuk due in 2023 plummeted 36.5 cents on the dollar to 24.8 on Wednesday, Refinitiv data showed, after the company said it had identified over $2.7 billion in debt that had not been disclosed to its board.

The yield on the sukuk surged to as high as 59.2% on Wednesday from a close of 24.1% on Tuesday, Refinitiv data showed. NMC has been embroiled in a series of set backs since December when U.S.-based short-seller Muddy Waters questioned its financial statements. Ever since, the company’s shares have dropped dramatically, losing more than half of their value. (Reporting by Yousef Saba in Dubai and Tom Arnold and Abhinav Ramnarayan in London, editing by Louise Heavens)

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