As financial markets continue to roil following Dubai World’s request to restructure $3.5 billion of Islamic debt falling due next month, some clues behind the surprise decision can be found in the circular document for a bond offering that the government made in late October.
On October 21, the government issued a preliminary prospectus to raise $4 billion through a Euro Medium-Term Note programme. At the same time, Dubai’s department of finance issued another prospectus to raise up to $2.5
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