Dubai bonds offer 'value', says Nomura

20 April 2010

Nomura Holdings has said the Dubai government bonds and credit default swaps offer 'value' after a proposal by Dubai World to restructure $24.8bn of debt and renewed appetite for quasi-sovereign securities, Bloomberg has reported. 'Market pricing of Dubai's sovereign risk does not reflect current fundamentals, and we therefore recommend exposure either through CDS or government bonds,' Ann Wyman, head of emerging market research Europe at Nomura, wrote in a report. 'We continue to see value.'

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