Thursday 16 September 2010

Dubai World Debt Fair Value Raised at JPMorgan After $24.9 Billion Accord - Bloomberg

The fair value estimate of Dubai World’s loans was raised to 53-55 cents to the dollar from 44-46 cents at JPMorgan Chase & Co. after the state-owned holding company reached an agreement with creditors on restructuring $24.9 billion of debt last week.

The estimate was raised because of tighter spreads, higher estimated loan recoveries and shorter estimated maturity of the restructured debt, analyst Zafar Nazim wrote in a report e- mailed today.

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