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Total return level for Emirates NBD Markit iBoxx USD Sukuk Index (the index) closed the month of June at 116.49 representing a small loss of 0.28% for the month though YTD return is still a positive 1.36%. Current performance will indicate annualised return to be over 2.7% which remains healthy in view of prevailing market conditions.
Monthly index total return was negatively impacted by the ongoing Qatar diplomatic crisis, given the dominance of GCC issuers in the index. Rising benchmark USD yields and falling oil prices also had their impact on sukuk issued out of oil related economies such as Malaysia and the GCC.
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Source: Markit, Emirates NBD Research
|
| 29th Jun-17 | 31-Mar-17 | 31-Dec-16 | 29-Jun-16 |
| Number of Issuers | 64 | 60 | 59 | 59 |
| Number of Issues | 98 | 94 | 93 | 87 |
| Nominal outstanding USD'Bn | 90.51 | 78.65 | 77.55 | 70.09 |
| Average credit rating | A- | A- | A | A |
| Average Duration | 4.86 | 4.55 | 4.47 | 4.65 |
| Average Z-Spread, bps | 160 | 157 | 182 | 223 |
| Average Yield to worst, % | 3.62 | 3.66 | 3.90 | 3.46 |
| Price Return MTD | 0.15% | -0.39% | -2.06% | -0.14% |
| Price Return QTD | 0.88% | 0.62% | -2.49% | 1.33% |
| Price Return YTD | 1.50% | 0.62% | 0.43% | 1.58% |
Emirates NBD Research
