Arab Today, arab today dubai makes progress with credit risk
Last Updated : GMT 08:45:09
Arab Today, arab today
Arab Today, arab today

Dubai makes progress with credit risk

Arab Today, arab today

Arab Today, arab today Dubai makes progress with credit risk

Dubai - Arabstoday

Dubai’s default risk dropped almost four times more than the Middle East average this month as a series of debt repayment agreements showed government-related companies are benefiting from an economic recovery. The cost of insuring the emirate’s debt for five years retreated 40 basis points in June to 355 yes terday, according to data provider CMA. That compares with an 11 basis-point decline in average credit default swaps in the Middle East to 320, while contracts for the Group of 10 nations fell 15 basis points in the period to 150, data compiled by Bloomberg show. Jebel Ali Free Zone, a business park operator in Dubai under Dubai World, and DIFC Investments are among companies that have refinanced debt. Investors regard these deals as evidence that Dubai is living up to pledges that its companies would repay debt without state help as economic growth accelerates, pushing bond yields to record lows.  “All cylinders are firing and Dubai is definitely making strong progress with its deleveraging efforts,” Gus Chehayeb, a Dubai-based researcher on Middle East credit markets at Exotix, said by phone. Jebel Ali Free Zone raised $650 million on June 12 by selling seven-year Islamic bonds to help repay a Dh7.5 billion ($2 billion) sukuk ahead of its November maturity. The company, which has $2.7 billion of debt maturing through 2019, is also arranging a $1.2 billion Islamic loan to repay the sukuk. DIFC Investments obtained a $1.04 billion syndicated facility from a group of banks to help pay a $1.25 billion Islamic bond due this month. The yield on Jebel Ali’s seven per cent sukuk due 2019 fell 62 basis points since they started trading last week to 6.38 per cent at 4:36 pm in Dubai, data compiled by Bloomberg show. The yield on the Dubai government’s 6.396 per cent Islamic bonds due November 2014 plunged 47 basis points this month to 3.65 per cent. The emirate’s $82 billion economy, which relies on trade and hospitality for more than a third of gross domestic product, benefited from 10 per cent growth in visitors last year. From khaleejtimes

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai makes progress with credit risk Arab Today, arab today dubai makes progress with credit risk

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 05:34 2017 Monday ,27 February

Brexit sows seeds of doubt for British farmers

GMT 06:38 2017 Sunday ,26 February

US rig count increases

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday