Source Pravda.Ru

Abu-Dhabi Will Help Dubai to Pay Off With Debts

Debt-laden Dubai World's unit Jebel Ali Free Zone Authority, or Jafza, faces on Monday a coupon payment on a 7.5 billion U.A.E dirham ($2.04 billion) Islamic bond in the first key test of whether it will default.

The Islamic bond, or sukuk, was issued in November 2007 through a Cayman Islands-registered company called JAFZ Sukuk Limited and pays 130 basis points over the six-month Emirates Interbank Offered Rate, according to Zawya.com.

The coming coupon payment is estimated to be between AED125 million and AED135 million, according to analyst calculations.

Spokespersons for Dubai World declined to comment on the payment Saturday, a holiday in the U.A.E. The Jafza sukuk is the first payment due for a Dubai government-related entity since the restructuring announcement Wednesday, which sent global markets and banks into a panic before the weekend, Wall Street Journal reports.

According to Reuters, Abu Dhabi, Dubai's oil-rich neighbor, will "pick and choose" which of Dubai’s assets to underwrite, citing an unidentified Abu Dhabi official.

Abu Dhabi won’t fund all of Dubai's debt, the official said.

Markets around the world have been roiled since Dubai World, with $59 billion of liabilities, said Nov. 25 it was seeking to delay debt payments, Bloomberg informs.

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