The evidence of foul play ahead of Dubai’s debt announcement last week appears overwhelming.
A whopping 75% of debt owners might have sold ahead of time.
Which means that whoever was left holding Nakheel bonds was truly out of the loop.
WSJ: According to Data Explorers, a company that tracks how much of a company’s stock or bonds are out on loan, about 75% of institutions holding the sukuk sold their position between the end of August and the end of November.
“It’s an extraordinary sell-off in a bond so close to maturity, when there was no indication of a problem refinancing. The data suggests they had some information that it was a good time to sell,” said Data Explorers managing director Julian Pittam.
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