23.01.2013 - Dubai’s Nakheel sukuk cut to sell at Exotix on payment risk
Nakheel PJSC’s Islamic bonds, which rallied 37 percent last year, were cut to sell by Exotix Ltd., which said the Dubai-based developer’s debt no longer accurately priced in the risk of a default. It’s “highly unlikely” that Nakheel will manage to pay the principal on the notes, which mature in 2016, from its own capital, Exotix said in an e-mailed note today. The developer, which drove Dubai to the brink of default just over three years ago, may fall 70 percent short of funds required to settle $3 billion of sukuk and bank debt maturing that year, it said...............................................Full Article: Source
Print