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Fri 27 Nov 2009 01:55 PM

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Nakheel bond prices tumble to record lows of 40

The debt, which was originally due to mature on Dec 14 traded at 110 on Wednesday.

Dubai-owned property firm Nakheel's Islamic bond prices extended losses on Friday, falling 30 points to a record low of 40, according to Reuters data.

The debt, which was originally due to mature on December 14, 2009, traded as high as 110 on Wednesday before the Dubai government said it would ask creditors to agree on a standstill of debt held by Nakheel and Dubai World and extend maturities until at least May next year.

The other Nakheel's debt, maturing in January 2011, traded as low as 58 on Thursday. It has not traded on Friday.

Meanwhile Dubai Ports 5-YR CDS jumped over 200 basis points to 818.5 basis points, newswire Reuters reported. (Reuters)

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