Surge Of Nakheel Bondholders Crashes Restructuring Update Call; Main and XO CDS Update
Panic settles in as the update call for Nakheel bondholders crashes and has to be postponed due to unprecedented and unexpected surge of participants. From Reuters:
A conference call for bond
holders of Dubai-owned property firm Nakheel [NAKHD.UL] was
postponed on Thursday after phone lines were overwhelmed by too
many people calling in.
The call was to establish the size of the bondholder group
and to appoint legal advisers to liaise with Dubai World, which
is asking to delay payments on debt held by its subsidiary
Organisers said they had a full list of bond holders, after
being asked by one investor who said he had become a bond holder
in the last few hours.
Nakheel's Islamic bond prices extended losses, falling 14
points to 70, their lowest since February, according to Reuters
In terms of credit exposure, Europe was ablaze with substantial widening across the board in Main and XO.
Today's biggest absolute movers in Main were Hannover Rueckversicherung AG (+10bps), Swiss Reinsurance Company (+5.56bps), and ArcelorMittal (+5.5bps) in the wideners, and PPR (-3.61bps), Gas Natural SDG SA (-3bps), and Deutsche Bahn AG (-1bps) in the tighteners. Today's biggest percentage movers in Main were Hannover Rueckversicherung AG (+21.51%), Allianz SE (+8.97%), and Muenchener Rueckversicherungs AG (+6.66%) in the wideners, and Gas Natural SDG SA (-3.75%), JTI (UK) Finance PLC (-2.88%), and PPR (-2.21%) in the tighteners.
In the names of the XOver index, today's biggest percentage movers were Havas SA (+11.14%), Porsche Automobil Holding SE (+10.46%), and Lafarge SA (+7.27%) in the wideners, and Seat Pagine Gialle SpA (-10.51%), NXP b.v. (-7.93%), and DSG International plc (-6.66%) in the tighteners. The largest absolute movers in XOver were TUI AG (+41.1bps), Codere Finance SA (+39.67bps), and Ineos Group Holdings plc (+31.09bps) in the wideners, and Seat Pagine Gialle SpA (-220.01bps), NXP b.v. (-157.07bps), and DSG International plc (-57.7bps) in the tighteners.