Nakheel convert rallies on Dubai support
The refinancing plans of Dubai property developer Nakheel are under scrutiny this week after the company’s $3.52bn pre-IPO convertible sukuk traded up as much as 20 points in the secondary market on news of UAE central bank support for Dubai. It now seems likely that Nakheel will repay the sukuk in cash rather than in shares when the paper matures at year-end and that Nakheel will postpone its IPO until at least 2010, Dubai-based bankers said. Read EuroWeek on Friday for the full story.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article:
- ✔ 4,000 annual insights
- ✔ 700+ notes and long-form analyses
- ✔ 4 capital markets databases
- ✔ Daily newsletters across markets and asset classes
- ✔ 2 weekly podcasts