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Nakheel pays interest on $750 million bond
Property developer Nakheel has made a $10.3 million coupon payment on a bond maturing in 2011.
January 19, 2010 11:07 by kippreport
Dubai-based property developer Nakheel has made a $10.3 million coupon payment (annual interest on a bond) on a $750 million bond maturing in 2011, the company’s spokesperson told Bloomberg on Tuesday. Nakheel was saved from defaulting on a $4.1 billion Islamic bond on December 14, after Abu Dhabi lent Dubai $10 billion the same day.
Nakheel’s parent company, Dubai World, had asked creditors for a six month debt standstill in November last year, and it is planning to make a formal request soon. Nakheel currently has two outstanding bonds – an AED3.6 billion bond maturing in May this year and the $750 million bond maturing in January 2011.
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3 Comments
I read that it was estimated that Bondholders in Dubai were estimated to lose 50% of their investment, according to Barclays, http://www.cityscapeintelligence.com/breaking-news/nakheel-bondholders-will-lose-half-their-investments how we these individuals feel?
Quite reasonable.Money will be paid,once the market improves.
How is it that Nakheel is paying interest on an Islamic Bond? And if it is not ‘interest’ as there cannot be interest on Islamic Bond, it would be return on underlying investments. In this case the return cannot be guaranteed. The guarantee would be in terms of soveriegn seciurity for investors to not to lose out on eventual settlement of capital investment and return on it. Thats where the problem lies. Can this kind of surety be given to investors not just in the Nakheel sukuks but also to thousands of investors who are suffering from putting their trust in the soveriegn security by investing in off-plan real estate projects in Dubai