Companies linked to Dubai’s government have nearly $14bn in debt coming due next year and with the 2009 debt debacle fresh in their memories many investors are nervous over the companies’ ability to pay.
But at least one analyst isn’t too worried – and has even upgraded some of the bonds.
Zafer Nazim of JP Morgan in London says about $3.3bn of next year’s total is “challenging”, including Islamic bonds issued by the Jebel Ali Free Zone Authority (JAFZA) and the Dubai International Financial Centre (DIFC).
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