مصرفيون: دبي العالمية تعرض 2 % فائدة لدائنيها

2 thoughts on “مصرفيون: دبي العالمية تعرض 2 % فائدة لدائنيها”

1. April 29, 2010, 10:11 AM EDT

   Dubai World Said to Offer Extra 1% Interest on Loans (Update1) – BusinessWeek

   Adds analyst comment in fifth paragraph.)
   By Arif Sharif
   April 29 (Bloomberg) — Dubai World offered to pay creditors an additional 1 percent interest upon the maturity of rolled-over loans that are part of a $14.2 billion debt restructuring, a banker familiar with the plan said.
   The 1 percent rate would be on top of the 1 percent offered over the life of the loan, said the banker, who declined to be identified because the negotiations are ongoing and private. Banks are asking for different rates on dirham and dollar loans rather than the uniform 1 percent, he said.
   A spokesmen for Dubai World and a spokeswoman for Dubai’s Department of Finance declined to comment. The Abu Dhabi-based The National newspaper reported the rate earlier today.
   Dubai World, one of the emirate’s three main state-owned holding companies, and its property unit, Nakheel PJSC, are seeking to renegotiate their borrowings after the global credit crunch battered Dubai’s real-estate market and left the emirate’s companies unable to raise new loans. Dubai World asked its nearly 100 creditors on March 25 to roll over debt into two new loans of five-year and eight-year maturities.
   “It’s a better deal but only modestly so,” said Fahd Iqbal, a Dubai-based equities strategist at EFG-Hermes Holding SAE. “The additional 1 percent is coming at the end of the restructuring period and the overall interest rate is still well below” the 8.5 percent yield offered by Dubai Electricity and Water Authority on its sukuk this month and Nakheel’s planned 10.5 percent profit rate on Islamic bonds being offered to trade creditors, he said.
   Interest Rate
   Dubai World’s creditors will be paid interest below the market rate in cash, although that will be supplemented by so- called payment-in-kind interest, a person close to the Dubai government said March 29, declining to be identified because the discussions are private. Nakheel, which owes $10.5 billion to suppliers, contractors and banks, plans to pay market-linked interest rates, according to the restructuring proposal.
   The treatment of Dubai World and Nakheel’s creditors reflects the different levels of security and legal positions of each creditor class, a person close to the Dubai government said March 29. Dubai World’s lenders are unsecured, while lenders to Nakheel have recourse to the company’s assets, he said.
   Banks are reluctant to accept the new rate presented on March 25 as it is lower than the market rate of about 5 percent and would force creditors to book impairment provisions.
   Creditor Talks
   An interest rate of 2 percent to 2.5 percent on the new loans would mean a decline of 20 percent to 25 percent in the net present value of the loan, said Murad Ansari, a Riyadh-based analyst at EFG-Hermes, on April 22. Banks may have to book provisions of 5 percent to 20 percent of the loan depending on how the transaction is structured, two bankers said April 15.
   More than 90 banks are owed money by Dubai World and seven of its biggest creditors — Emirates NBD PJSC, Abu Dhabi Commercial Bank PJSC, Royal Bank of Scotland Group Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Standard Chartered Plc and Bank of Tokyo-Mitsubishi UFJ Ltd. — are negotiating with Dubai World on behalf of lenders.
   –Editors: Riad Hamade, Dylan Griffiths.
   To contact the reporters on this story: Arif Sharif in Dubai at asharif2@bloomberg.net
   To contact the editor responsible for this story: Edward Evans at Eevans3@bloomberg.net

   Dubai World Said to Offer Extra 1% Interest on Loans (Update1) – BusinessWeek

2. شـكــ وبارك الله فيك ـــرا لك … لك مني أجمل تحية .
   بس ياريت السوق يقرا هذا الخبر بايجابية
   

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