Only 12% of voters in EuroWeek’s latest loans poll thought Dubai’s debt crisis would scare banks off the Middle East for years. Almost a third said pay-to-play would still rule and that banks would continue lending just to win a toehold in the region.
These views seem to be supported by most capital market investors. Qatar’s five year CDS trades at 87bp, 5bp tighter than it did before November 25, when Dubai said it would ask for a standstill on debt owed by Dubai World. Abu Dhabi’s CDS, after rising from 100bp
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