Dubai 5-year CDS fall, Nakheel bond rises
London, March 8, 2010
The cost of insuring Dubai's debt against default fell and Dubai World subsidiary Nakheel's 2011 bond rose on Monday as bankers expect a Dubai World restructuring deal this week.
Dubai World expects to put its plan for repaying $26 billion in debt to creditors as early as this week but the final proposal is being delayed by efforts to accurately value developer Nakheel's assets, bankers said on Sunday.
Dubai's five-year credit default swaps fell 20 basis points from the US close to 487 bps, their lowest level since Jan 28, according to CDS monitor CMA DataVision.
Nakheel's Jan 11 Islamic bond rose 1.5 points to 52. - Reuters