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Dubai World's debt plan call prompts emirate CDS rally
Monday, March 8, 2010
Dubai credit default swaps have rallied to new recent tights today, after Dubai World called a meeting of creditors in London this week to discuss its debt plans. The group is looking to restructure around $22 billion. Dubai CDS is around 20bp tighter to 488bp on the news.
The Financial Times reports today that the Dubai World plan will likely offer creditors the possibility to be repaid either sooner and with a haircut, or over a longer term but with a government guarantee.
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CFlux secondary
CLO index levels:
| Index | 6 Feb |
|
| CFlux USD AAA | ↑ | 94.9 |
| CFlux USD AA | ↓ | 81.3 |
| CFlux USD A | ↓ | 75.0 |
| CFlux USD BBB | ↑ | 74.8 |
| CFlux USD BB | ↑ |
72.1 |
| CFlux USD EQ | ↑ | 67.6 |
