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Islamic Finance Briefing - Categorized | Finance, Financial Instruments (Credit Cards, Debts, Loans, Mort more

Dubai World silence on debt standstill evaporates bailout rally

Posted on 01 February 2010

From Businessweek.com: Dubai’s failure to reassure investors its restructuring plan will succeed is causing the emirate’s benchmark stock index to drop the most in the world and forcing companies to scrap bond sales.

The Dubai Financial Market General Index lost 15 percent since Dec. 14, wiping out a rally sparked by Abu Dhabi’s bailout of Dubai World that day. Bonds of the state-owned company’s property developer Nakheel PJSC sank to 55.75 cents on the dollar from 67.5 cents, while credit default swaps on Dubai government debt trade at 493 basis points, the highest level since Abu Dhabi’s fund injection………………………………….Full Article: Source

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