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’What next for Nakheel?
Hindsight is a wonderful — and sometimes amusing — thing.
That was part of a recent web project for Emirates property-developer Nakheel — as well as the basis of a billboard campaign across Dubai.
The issue of shariah compliance and the Nakheel sukuk
When is a sukuk not a sukuk?
When it fails to be shariah compliant, of course.
And the key issues, it seems, that may or may not make a sukuk shariah-compliant relate to principal protection and the bondholder’s unsecured status.
UAE post-holiday hit
As expected, the Abu Dhabi and Dubai stock exchanges have been hit with a wave of selling on their first day open since the Dubai debacle broke.
But with brokers having predicted the indices to be suspended limit down,
Haircuts in Dubai
So the United Arab Emirates has sort-of-but-not-quite stepped in to save Dubai — pledging liquidity support for UAE banks.
At the same time, however, speculation over just what sort of debt restructuring lies in wait for Nakheel bond investors continues apace.
CDS report: Dubai contagion overdone?
Gavan Nolan of Markit wrote this CDS report
Last week we asked is “Greece the only sovereign on a slippery slope?” We did not have to wait long for our answer. But it did not come from the less creditworthy regions of the eurozone,
This is a sensible business decision
But one that’s sparked a big sell off around the world.
Thursday’s (late) statement from H.H. Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of the Supreme Fiscal Committee:
Our intervention in Dubai World was carefully planned and reflects its specific financial position.
Dubai sparks market turmoil
Markets around the world saw indiscriminate selling of stocks linked to the Middle East and many financial stocks following news of Dubai World’s unexpected standstill on much of its $59bn of debt. Amid a religious holiday in the Middle East,
Caveat emptor: Risk factors from the Nakheel prospectus
A quick perusal of the risk factors section in the Nakheel ’09 bond prospectus shows investors were warned about many things.
Firstly, Dubai World, the parent company of Nakheel, “is not required to,
The clairvoyant Nakheel short sellers
It seems that Wednesday’s surprise decision by the Government of Dubai to ask for a debt standstill agreement at Dubai World — and by association its property arm Nakheel — did not shock everyone.
Some people were preparing for a fall in Nakheel Development’s sukuk.
CSI Dubai
It all looks so simple (click to enlarge):
And some snippets from the prospectus (our emphasis):
1 The Dubai World Guarantee guarantees all of the Co-Obligors’ payment obligations under the Transaction Documents.
Can nothing go right for Dubai?
Hello, is anybody there?
From Reuters on Thursday afternoon:
A conference call for bond holders of Dubai-owned property firm Nakheel was postponed on Thursday after phone lines were overwhelmed by too many people calling in.
Moody’s statement on Dubai downgrades
Selected highlowlights from Thursday’s early statement.
Emphasis ours.
Moody’s downgrades Dubai GRI rating
DIFC, November 26, 2009 — Moody’s Investors Service has downgraded the ratings of all six government-related issuers (GRI’s) in Dubai and left them on review for possible downgrade.
A friend in need…is a friend in de(fault)?
Dubai’s government stunned the debt markets on Wednesday by asking for a 6-month standstill on the debts of its flagship holding company Dubai World.
The shock move came just hours after the Government of Dubai raised $5bn via a bond issue,
Markets reel over Nakheel default fears
Bond markets reacted with alarm to Wednesday’s news that Nakheel, the property arm of government-owned Dubai World, was restructuring a bond due for redemption in December, amid fears that Nakheel’s move will be considered a technical default.
CDS report: All eyes on Dubai World
Gavan Nolan of Markit wrote this CDS report
European credit indices rallied today as the economic climate remained supportive of risk assets. The Markit iTraxx Europe index closed at 84bp, 1.5bp tighter than yesterday’s level.
“The Sun Never Sets on Dubai World.” Really?
So goes the motto of Dubai’s flag bearer in global investments.
True to our claim “The Sun Never Sets on Dubai World”, our investment portfolio extends across 100 different cities in the world. We are spread across a wide spectrum of strategic industries and sectors ranging from Ports Management,
Dubai’s Palm islands may float
The company behind Dubai’s man-made Palm islands is preparing to float $800m of its luxury housing in what could be a prelude for a $60bn listing of the entire business, reports the Times. Nakheel, whose projects include the Palm Jumeirah island,