(Bloomberg) -- Nakheel PJSC bond prices doubled after Abu Dhabi provided $10 billion to help parent company Dubai World meet obligations and enable its property unit to avoid default on $3.52 billion due today.
Prices on the bonds due today rose to 109.5 cents on the dollar from 53 cents, the biggest gain in at least two years. The debt redeems at 115.52 cents, increasing the total payment to $4.1 billion. The amount includes a 6 percent premium to bondholders because the company didn’t sell shares in an initial public offering during the life of the bond, and the remaining part of the annual coupon.
Another nice panic orchestrated perfectly by the Street!