July 13 (Bloomberg) -- Nakheel pJSC, a state-owned
Dubai- based property developer, may offer to pay back its $750 million Islamic bonds due in 2011 earlier than planned, said a bond- holder, citing a notice sent to investors by Deutsche Bank AG.
âThe suggested wording introduces the possibility of Nakheel paying back one of its bonds earlier than originally planned,â said Mohieddine Kronfol, managing director at Dubai- based Algebra Capital Ltd. and holder of the Nakheel bonds. âIt also confirms the market speculation that a restructuring is being seriously contemplated, and without additional information from the company this notice will further fuel speculation.â
Investors may receive the next coupon payment on July 16 after accepting the new pricing formula, according to a notice sent by Deutsche Bank AG, the principal paying agent, to investors. The document proposes a change in the distribution, or coupon, that âshouldâ increase the final distribution, the notice shows. The Deutsche Bank note, dated July 3, was received by Bloomberg today.
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