Federal Reserve
Bernanke points to reduced Fed bond buying this year
Federal Reserve Chairman Ben Bernanke says the U.S. central bank expects to slow the pace of its bond purchases later this year and bring them to a halt around mid-2014, comments that weighed on stocks and pushed bond yields to a 15-month high. Full Article | Instant view
REUTERS SHOWCASE
Buy, Sell or Hold?
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
Nakheel sukuk unlikely to be paid, all options open-source
DUBAI |
DUBAI (Reuters) - Dubai World which is in talks to restructure some $22 billion debt, is unlikely to pay off developer Nakheel's $980 million Islamic bond, a source familiar with the matter said on Monday, and all options are open.
"It is very unlikely that the bond will be paid off," the source. "Incredibly unlikely."
The person, who spoke on condition of anonymity, said all options are on the table for the issue which comes due May 13.
That includes offering new paper for existing debt or, if needed, administration.
Dubai World is negotiating with creditors on $22 billion in debt and will present a proposal in March.
The company rocked global markets in November with plans to request a delay on repaying $26 billion in debt linked to its main propery units Nakheel and Limitless World.
It staved off default on a $4.1 billion Islamic bond linked to Nakheel, after a last minute bailout from Abu Dhabi.
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters