Nakheel Bonds hit two-month high

10 March 2010

Nakheel bonds rose the most in two months after JPMorgan Chase & Co. said creditors may get paid face value, Bloomberg has reported. The developer's $750m sukuk, which is part of parent Dubai World's planned $26bn debt restructuring, added 5 cents, the most since Jan. 6, to 56.25 cents on the dollar at 4:31pm in Dubai, prices compiled by Bloomberg show. The bond due in January 2011 has climbed from a low of 46.5 cents on Feb. 17 and traded as high as 85.5 cents on Nov. 25, when Dubai World said it may delay debt payments.

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