March 9 (Bloomberg) -- Nakheel pJSC bonds, part of parent
Dubai Worldâs planned $26 billion debt restructuring, climbed the most in two months after JpMorgan Chase & Co. said creditors may get paid face value.
The developerâs $750 million sukuk, or Islamic bond, added 5 cents, the most since Jan. 6, to 56.25 cents on the dollar at 4:31 p.m. in Dubai, prices compiled by Bloomberg show. The bond due in January 2011 has climbed from a low of 46.5 cents on Feb. 17 and traded as high as 85.5 cents on Nov. 25, when Dubai World said it may delay debt payments.
Nakheelâs debt âmay not warrant haircuts, and restructuring may only involve long maturity extensions,â JpMorgan said in a report. United Arab Emirates Economy Minister Sultan bin Saeed al-Mansouri said today heâs confident state- owned holding Dubai World will reach an accord with creditors, while Finance Minister Sheikh Hamdan Bin RashidAl Maktoum said the seven-emirate U.A.E. stands by Dubai.
Sukuk.me Wire External Story - Read full article here
Sukuk.me is not responsible for the content of external internet sites
