Dubai Sovereign CDS Surges 130 bps As Dubai World Seeks Debt Standstill
The widening of CDS spreads on Greek Sovereign debt has caught some attention and now Dubai CDS spreads are on the move: Commentary on Dubai from the EM guys...Dubai in focus as they do another $5b local tranche in the $20b Abu Dhabi program, then ask for extension in Nakheel maturities for 5 months. Very strange. Thought whole point of issuing the bonds was to pay for the Nakheel debt. Dubai CDS +130bps from o'night level of 318 ... seems to be hitting the European markets now.
Sequential popping of bubbles to commence shortly.
Historical Dubai CDS below:
h/t Macallan 18