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Nasdaq Dubai Tells Bond Issuers to Disclose Status of Debts
DUBAI — Nasdaq Dubai said all Islamic bond issuers should disclose the status of their debts in the wake of Dubai World’s call for a standstill agreement on its $26 billion debt.
The bourse reminded companies to comply with the December 15 deadline, nine months after the order was implemented last March.
“In light of recent events related to the financial situation in Dubai, the Dubai World proposed debt standstill, and the recent downgrading of several Dubai-based entities, there continues to be significant converage and speculation concerning the soundness and financial health of the issuers of debt securities,” the bourse operator said.
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One of the first to respond was government utility firm Dubai Electricity and Water Authority, which said it will pay interest payments on its $3.2 billion Islamic bond as scheduled, on December 16. DEWA’s sukuk was listed on the stock exchange in June 2008.
Nasdaq Dubai called for greater transparency by sukuk issuers to “ensure a proper and fully informed market.” It said companiess should disclose “without delay,” all price sensitive information relating to their sukuks.
The bourse said compliance by companies will give investors dealing in securities “proper information for determining the current value of the securities,” and confidence that the exchange is well-regulated.
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