Planned Nakheel Sukuk on offer at 20% discount
Some trade creditors of Nakheel are offering a potential 1.6 billion US dollars Islamic bond by the developer at a discount in the secondary market as a desperate need for cash outweighs hopes for a full repayment.
Nakheel plans to repay 60 percent of its debt to trade creditors through the sale of a six billion United Arab Emirates (UAE) dirhams ($1.63 billion) Islamic bond, expected by the end of the first half.
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