Dec. 13 (Bloomberg) -- Nakheel PJSC’s possible non-payment of its Islamic bond due tomorrow will trigger defaults on two other securities, bringing the total of affected securities to $5.25 billion, bond documents show.
Investors are waiting to see if the Dubai state-controlled developer will pay the maturing $3.52 billion Islamic bond, known as sukuk. The Dubai government said on Nov. 25 that state- run holding company Dubai World is seeking a “standstill” agreement on its debt, including for the Nakheel unit.
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