Featured Work
Capital markets, Featured Work, Islamic Finance, Middle East - Monday, December 21, 2009 14:54 - 0 Comments
Dubai ducks default – a relief but an opportunity missed
Asiamoney, December 2009
Dubai went to the brink – and it’s still there. Abu Dhabi’s decision in December to supply Dubai with $10 billion for debt repayment allowed it to forestall, at the very last moment, a default 
on the world’s largest ever sukuk – the $3.52 billion Nakheel Developments issue which matured on December 14. But it doesn’t repair Dubai’s tarnished reputation as a financial centre and issuer, or give any reason to suggest investors will rush back to help Dubai refinance the $100.6 billion of outstanding debt Moody’s believes Dubai Inc owes, $12.5 billion of it due next year. And it leaves significant questions unanswered about the credibility of the sukuk industry that has become a bedrock of global Islamic finance.
It is in some sense a shame that Nakheel didn’t enter formal default. While that sounds absurd, professionals across the Middle East and the Islamic finance industry globally had become increasingly sanguine about a potential Nakheel default, believing it would have answered vital questions about just what happens when a sukuk turns bad. Continue…
Popularity: 6% [?]
- Malaysia’s Democracy on Trial
- Headhunters: an industry transformed
- The Spectator: CIC changes tack
- Aiful creditors worry as ISDA dithers on default decision
- Sri Lanka looks beyond euphoria
- Asia Risk: inside Indonesia’s derivative battles
- Change is coming for the sons of the soil
- Temasek’s future leadership needs clarity
- All we are saying is give peace a price
- Nicholas Moore: Potholes not pitfalls on Macquarie’s road
- ANZ broadens horizons – but with the right assets?
- What now for Temasek?
- Citi bails out of Japanese retail as Morgan Stanley moves in
- Just like the 80s: Japan’s banks lead world lending again
- Brisconnections: infrastructure’s disconnect
- PNG LNG: What could Papua New Guinea’s new pipeline project bring?
- Singapore: Will Temasek change tack?
- Can China entrants make access to coveted markets pay?
- The catch with capital protection
- Why Mongolia must master its reticence in resources
- Double or nothing: investments to swim against the tide
- Palestine: a conference less ordinary
- East Timor: the world’s most important sovereign wealth fund?
- Bangladesh: life at the sharp end
- Can the West Bank spring a surprise?
- Kenichi Watanabe: Nomura’s global warchest
- If an Islamic bank fails
- Shamshad Akhtar, Pakistan: the most challenging environment ever
- Whistleblower claims ADB fraud in Afghanistan
- Anwar Ibrahim on a changing Malaysia
- Vietnam vetoes Morgan Stanley deal
- GIC’s UBS stake puts Singapore into Switzerland
- Simon Israel, Temasek:a fund apart?
- Jackson Tai, DBS: The house that Jack built
- Mahathir Mohamed, Emerging Markets, October 2007
- Green finance: cleaning up in China – Euromoney, September 2007
- China’s rainmakers – Euromoney, April 2007
- Shaukat Aziz, Pakistan prime minister: Institutional Investor, December 2006
- The Shariah scholar cartel: Asiamoney, September 2006
- So who won? Singapore banking turns nasty. Asiamoney, May 2002
- Why Hynix ran out on Micron: Asiamoney, May 2002
- Can Leung and Ren get Salomon back into China? Asiamoney, November 2001
- The budget, the bull and the BSE: Asiamoney cover story, June 2001
- Bank consolidation, Korea-style: Asiamoney, February 2001
- Angry, driven, smart – and gone. Kwik Kian Gie, Indonesian finance minister, Asiamoney, September 2000
- Paul Keating, telling it like it should have been: Asiamoney, July 2000
- Why this deal changes everything: PCCW, Asiamoney, July 2000
- Why GEM has got its fists up: KS Lo, Asiamoney, June 2000
- A higher love: Hong Kong Standard, May 1998
- Voting by numbers: Hong Kong’s first election. HK magazine, April 1998
- The Handover: AsiaLaw, July 1997
Most Popular Content
- Asia’s outlook a tale of cautious optimism: IFR Asia
- Aussie securitisation shows signs of revival: IFR Asia
- Malaysia’s Democracy on Trial
- Treasurers and their bankers: a relationship soured?
- A decade in Asia’s debt markets
- The road for the Renminbi: Asiamoney
- Dubai: a default saved, an opportunity missed
- Middle East loses its allure for foreign managers
- Sun Herald: Investing for Income
- Smooth-talking Westpac’s banana slip-up
- Asia’s best managed companies: Euromoney
- Excellent overview of the context of the Anwar sodomy II trial....
- Since Malaysia independent on 31 August 1963,The Malay then was not so progressi...
- Fairdinkum,
a great leader in the making, DS Anwar Ibrahim...
- Most helpful! Should we buy Lasvegas Sands shares (was $144 in 2007, now $ 14.6...
- Chris,
Great article, well researched and was very interesting to read. Most i...