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Debt Watch in Dubai

Debt Watch in Dubai

Old Nov 2nd 2009, 6:10 am
  #1  
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Default Debt Watch in Dubai

For those of you who love the issue... another article on Dubai debt problems. Nothing new though.

http://www.businessweek.com/magazine...3050897615.htm
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Old Nov 2nd 2009, 8:17 am
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Default Re: Debt Watch in Dubai

It is likely that Dubai will be unable to access fresh funding for quite some time," says Simon Williams, chief Middle East economist for HSBC in Dubai.
So on October 22 all was doom and gloom - but wait, it is now Nov 2

HSBC is looking at subscribing to the second tranche of Dubai's $20 billion (Dh73.4bn) bond programme, a senior bank official said.

The bank may use it for its investment portfolio, that is it will buy bonds and distribute them to its private banking customers or it may use it for its trading book, said John Coverdale, Group General Manager and Global Co-Head of Commercial Banking at HSBC.

"Yes, we are looking at them. We will make a decision according to the pricing and other different dynamics," Coverdale told Emirates Business.

He said the bond market is being freed up again, thanks to the upswing in consumer confidence over the last six months.
So a week later all change?


I'm not convinced the reporters know any more than the man in the street
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Old Nov 2nd 2009, 10:55 am
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Default Re: Debt Watch in Dubai

Originally Posted by AppleMac
So on October 22 all was doom and gloom - but wait, it is now Nov 2



So a week later all change?


I'm not convinced the reporters know any more than the man in the street

and I'm not convinced the bankers know any more either.....
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Old Nov 2nd 2009, 11:00 am
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Default Re: Debt Watch in Dubai

Quote:
It is likely that Dubai will be unable to access fresh funding for quite some time," says Simon Williams, chief Middle East economist for HSBC in Dubai.

So on October 22 all was doom and gloom - but wait, it is now Nov 2


Quote:
HSBC is looking at subscribing to the second tranche of Dubai's $20 billion (Dh73.4bn) bond programme, a senior bank official said.

The bank may use it for its investment portfolio, that is it will buy bonds and distribute them to its private banking customers or it may use it for its trading book, said John Coverdale, Group General Manager and Global Co-Head of Commercial Banking at HSBC.


Do you honestly think that John Coverdale has ever spoken to Simon Williams??

Anyway, it says that HSBC are planning on distributing it, they have no intention of holding that crap and will pass it on, to no doubt a member of the AD family.
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