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Nakheel PJSC’s possible non-payment of its Islamic bond due tomorrow will trigger defaults on two other securities, bringing the total of affected securities to $5.25 billion, bond documents show.
Investors are waiting to see if the Dubai state-controlled developer will pay the maturing $3.52 billion Islamic bond, known as sukuk. The Dubai government said on Nov. 25 that state- run holding company Dubai World is seeking a “standstill” agreement on its debt, including for the Nakheel unit.
Originally posted by Hastobemoretolife
MMM, the smell of default in the afternoon. I wonder if this has the potential to send shock waves through out the world. Things are not good at all.
Such is life I guess, at least when it is run by a bunch of crooks.
Dubai’s government, which owns 100 percent of Dubai World, hasn’t guaranteed the company’s debt and creditors must help it restructure,
BNP Paribas SA and EFG-Hermes Holding SAE analysts said last week the company may repay bondholders as much as 70 cents on the dollar and issue new securities to restructure the remainder of the debt.