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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