View results now
Coverage of the unfolding crisis
Tuesday, December 1, 2009
Please enter a maximum of 5 recipients. Use ; to separate more than one email address.
This is absolutely right. Being precise about guarantees is the first rule of bond investing and investors should be kicking themselves. However, put yourself in the position of the owner of a financially strapped company. Would you not do everything you could to support it, and only let it default if you had no other options and were prepared to let it be liquidated? Both Dubai World, vis a vis Nakheel, and the government, vis a vis Dubai World, seem not to feel this way.Analysis should focus on what rights the Nakheel bondholders have to wrest the company from its owners, who no longer want to support it. If they have none, they should kick themselves afresh - and never lend to Dubai again without cast iron security.
01 Dec 2009 11:50
Author: JON HAY
by Sudip Roy
Ian Hay Davison, Dealing with Dubai: The regulator's taleSeptember 2005In 2002 the Dubai authorities announced the appointment of a distinguished chairman to its financial regulator that would give credibility to the country's attempts to establish itself as the leading Arab financial centre. Just two years later he was fired. Ian Hay Davison gives an exclusive first-hand account of the events that led to his dismissal.
Contact Us |
Capital markets |
Regions & Emerging markets |
Surveys and awards |
Back issues |
Euromoney store |
Useful links & Related events |
Site Map |
Do more with Euromoney |
The material on this site is for financial institutions, professional investors
and their professional advisers. It is for information only. Please read our
Terms and Conditions,
before using the site.
All material subject to strictly enforced copyright laws. ©
Euromoney Institutional Investor PLC.