Nakheel property development company that is part of troubled Dubai World is about to hand over a big chunk of land to it's bondholders. Behind door number three would be some great waterfront properties, right? Not exactly.
Bloomberg: Nakheel PJSC creditors may win the right to seize a strip of barren waterfront land the size of Manhattan if the company defaults on the $3.5 billion bond backing the development.
This is what the bondholders are getting - with all the construction now abandoned.
source: Nakheel
And the bonds have traded to reflect the great recovery value.
source: Bloomberg
SoberLook.com