Dubai Repays $1.93 Billion of Bonds Sold Before 2009 Debt Crisis - Bloomberg

Dubai Repays $1.93 Billion of Bonds Sold Before 2009 Debt Crisis - Bloomberg:



"Dubai redeemed $1.93 billion of Islamic bonds that were sold in 2009 before the emirate roiled global capital markets by seeking to freeze debt payments.



The government settled a 2.5 billion-dirham ($681 million) sukuk and a separate $1.25 billion security complying with Shariah that matured today, the state-run WAM news agency reported. The yield on Dubai’s dollar-denominated Islamic bonds due in January 2023 fell two basis points to 3.79 percent, the lowest in almost two months.



The bond payments reflect Dubai’s “commitment to repay all liabilities as per schedule,” WAM cited Abdul Rahman Saleh Al Saleh, director general of the Dubai Department of Finance, as saying. It comes after Abu Dhabi agreed in March to roll over $20 billion of its neighbor’s debt for five years, helping improve investor perceptions of Dubai’s credit worthiness."



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