Dubai 5-year CDS falls
London, March 24, 2010
The cost of insuring Dubai's debt against restructuring or default fell on Wednesday and troubled Dubai World subsidiary Nakheel's 2011 Islamic bond rose as markets awaited a restructuring deal for the conglomerate.
Dubai World will discuss how it plans to repay its commitments this week with an informal bank panel.
Dubai government assistance will feature in the proposal to creditors, a newspaper reported on Wednesday, citing unnamed sources.
Dubai's five-year credit default swaps fell to their lowest since mid-January at 420 basis points from a close of 435 bps, according to Market data.
The Nakheel 2011 bond rose 0.5 to 65.25, its highest since November 26, shortly after Dubai World's shock announcement of a six-month standstill on debt payments.-Reuters