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Middle East property developers’ dollar bonds saw a significant recovery yesterday, as ceasefire talks sparked a broad rally. High-yield issuers from the UAE saw the most substantial gains, effectively reversing much of the downward pressure seen the geopolitical tensions since March. Binghatti’s 8.125% 2030s led the recovery having rallied by 8.6%, followed closely by Omniyat’s 7.25% 2029s that rose by 7.1% and Sobha Realty’s 7.125% 2030s that were up 6.0%. While the rally was most pronounced in UAE high-yield names, Saudi Arabian issuers like Dar Al-Arkan and Arabian Centres also trended higher. Higher-rated investment-grade bonds, such as those from Emaar and Aldar, remained relatively more stable but still participated in the positive momentum.


