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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