Dubai's default risk fell to the lowest level since Dubai World announced its debt restructuring in 2009, as Emirates Airline sold bonds and local entities reach debt accords.
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Last Updated: June 2, 2011
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The cost of protecting Dubai's debt against default dropped to 324 basis points today, according to data provider CMA at 9:50am in London. The five-year credit default swaps surged from 325 basis points on November 24, 2009 to 655 three days later after Dubai World announced plans to restructure about $25 billion (Dh91.82bn).
"The Emirates bond was a factor in the tightening of the CDS, because of the demand and its pricing," Usman Ahmed, the head of fixed income at Dubai-based Emirates NBD Asset Management, a unit of the United Arab Emirates' biggest bank, said today. "It helped re-price the Dubai curve. The demand for Emirates' bond showed confidence returning to Dubai's debt market."
The world's biggest airline by international traffic sold $1bn of five-year bonds yielding 330 basis points over the benchmark mid-swap rate yesterday. State-owned Dubai World reached a final agreement with its lenders in March, while Dubai Holding LLC and property developer Nakheel PJSC are in talks with creditors to restructure a total of about $20 billion.
The yield on Dubai government's 6.7 per cent bond maturing October 2015 declined three basis points, or 0.03 percentage point, to 5.14 per cent at 12:22pm in Dubai, the lowest since May 19, according to Bloomberg composite prices.
CMA is owned by CME Group and compiles prices quoted by dealers in the privately negotiated market.
Bloomberg News
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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