23.09.2011 - Nakheel's $1bln Sukuk sits on the seabed
Sadly for Trade Creditors wishing to convert Islamic Bond paper into hard cash on the secondary market this latest sukuk back up collateral revelation comes as a major blow. The resale value will begin to plummet, that is if finance house is prepared to buy until the implications of this piece of news has been fully digested. We talked of a 20% discount off the sukuk's face value for a cash resale, we are now likely looking at considerably more. That is going to leave a lot of members of the trade creditors group in some financial trouble. I believe one company was reported in AB as looking to offload a bond allocation to the face value of AED 320 million..............................................Full Article: Source
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