D-Day Monday For Dubai

Tomorrow is D-Day for Dubai’s $3.52 million Bond repayment which will definitely move the market for better or worse, at least for the near term.  While they’ve been extremely hush-hush on their plans, latest speculation is that they will repay 70cents on the dollar and issue new debt for the remainder; basically buying themselves time.  Even with no repayment tomorrow however, they will still have another two weeks as a sort of “grace period” before Nakheel will be considered to have fully defaulted so while you’re team is down and it’s the bottom of the 9th, don’t leave the ball park just yet.  Expect extra innings before this credit game is truly over.

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