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Sunday, February 12, 2012 6:5 GMT
Nakheel, the Dubai World property arm that narrowly avoided a debt default in December 2009, asked on Friday through a clearing house for the details of its 2010 bond holders, according to a banker who received the notice. The notice, sent by Nakheel via Euroclear, asks 2010 bond holders to submit their details and says “this may prove useful in disseminating information to the note holders in the future with regard to a liability management exercise that the issuer may undertake.” Nakheel has a US$980 million bond maturing on 13 May 2010, according to data from ratings agency Standard & Poor’s. Dubai World declined to comment. “This is an important development in the Nakheel/Dubai World situation as it is the first time the company has made direct contact with the bondholders since the events of November 2009,” said Chavan Bhogaita, head of credit research at the National Bank of Abu Dhabi. “However, the wording of Nakheel’s request is vague and hence doesn’t make it any easier for bondholders to predict the outcome on Nakheel 2010 bonds,” he added. - Gulf Times