Check Out The Banks That Just Made A Boatload Of Money On The Dubai Bailout

FT Alphaville posts some of the big holders of the Nakheel bonds which just doubled following the news of a surprise bailout from Abu Dhabi.

nakheel dubai

Also noted in the post:

But the happiest campers of them all could be Dubai World.

As Commerzbank emerging market debt strategist Luis Costa noted on Monday morning:

We wonder how much of the Nakheel 09s and 11s was bought back by Dubai World during this three-week period of intense price depression, without giving any re-assurance to bondholders. Difficult to imagine that the emergency rescue package was not known by the Dubai Financial Authority for at least a week or so.

That would have been very clever.

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