Thursday 8 December 2011

Dubai looks to calm bond markets - FT.com

The Dubai government sought to calm bond markets on Wednesday, saying it would only refinance bonds rather than restructure some of the $3.8bn in capital markets maturities coming due in 2012.

Sheikh Ahmed bin Saeed Al Maktoum, chairman of the emirate’s supreme fiscal committee, denied “rumours” that the government would restructure upcoming maturities, adding it may “refinance” maturities.

The moves come after markets reacted to a senior government official quoted in the Financial Times who said Dubai would seek a “commercial agreement” with bondholders.

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