引用第114楼豹II于2009-11-27 18:47发表的 :
今天国内大新闻是在哥本哈根会议前，中国宣布减排目标
到2020年，单位GDP排放减少50%
不过绝大多数记者不知道为什么，都是给弄成减排50%，很有趣
“到2020年我国单位国内生产总值二氧化碳排放比2005年下降40%-45%，作为约束性指标纳入国民经济和社会发展中长期规划，并制定相应的国内统计、监测、考核办法。会议还决定，通过大力发展可再生能源、积极推进核电建设等行动，到2020年我国非化石能源占一次能源消费的比重达到15%左右；通过植树造林和加强森林管理，森林面积比2005年增加4000万公顷，森林蓄积量比2005年增加13亿立方米。这是我国根据国情采取的自主行动，是我国为全球应对气候变化做出的巨大努力。”
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The Dubai Government announced yesterday that it has asked investors to extend the maturity of upcoming debt
amortisations of two of its state-owned companies, Dubai World and its real estate development arm Nakheel, until 30
May 2010. Subsequently, the Dubai government has authorised Dubai Financial Support Fund to “restructure Dubai
World with immediate effect”.
Dubai World is a 100% state-owned holding company that owns Nakheel (100%), a real estate developer; DP World
(77%), one of the world’s largest port operators and a listed company; Drydocks World (100%), a shipbuilding and
maintenance company; and Limitless LLC (100%), a real estate developer which owns various assets in Europe, Africa,
Asia and the Middle East. The government of Dubai also owns a number of other entities directly or through other
structures.
The upcoming bond amortisations of Dubai World are in the attached table. We calculate that in 2010, Dubai World and
its subsidiaries will be redeeming about $7.8bn in the reminder of 2009 and 2010 and another $6.8bn in 2011. The
most pressing redemption is the $3.52bn sukuk bond of Nakheel, which will be due on December 14, 2009 – a bond
which is owned widely by overseas and GCC investors. Altogether, Dubai’s total outstanding debt stock is believed to
be around $80bn and S& estimates that the total debt amortisations of the Emirate will approach $50bn over the next
three years, of which $21.9bn is owed by quasi-sovereigns between now and end-2011.
liabilities of Dubai World. But it was the government rather than the company that announced the standstill yesterday,
and investors can be forgiven for regarding the finances of the emirate and of its wholly-owned subsidiaries as not
clearly distinguishable. Dubai CDS has widened sharply to 570bps and the nominal value of Nakheel bonds collapsed to
70 from previous 110.
We have been arguing that Dubai’s financing problems will have to be resolved within the broader federative structure
of UAE, leaning heavily on Abu Dhabi's vast resources. Despite the distressing developments of the past 24 hours, this
still remains to be the case. Dubai launched a UAE backed $20bn bond program back in February 2009 and so far
tapped about $15bn from the Central Bank of UAE ($10bn) and various Abu Dhabi banks ($5bn). This implicit federative
support has helped Dubai government successfully raise another $2bn from private investors in October. What the
events of the past 24 hours shown is that a generic Dubai bailout will probably not be available. The UAE authorities
seem more inclined to act prudently and restructure outstanding liabilities of quasi-sovereign entities that may be facing
significant solvency issues, rather than paying out creditors of the quasi-sovereign entities in full and on time.
As for Dubai World and Nakheel, the details of a potential restructuring are not known; it is not even clear which
subsidiaries of Dubai World will be restructured, if at all. The latest developments surrounding Dubai World and Nakheel
have obviously raised serious questions over the credit quality of both the sovereign and various quasi sovereign
entities in Dubai.
The way in which the UAE authorities handle the problem will clearly be important for investor confidence, as it will set
a precedent for Dubai. The situation remains fluid, but taking into view the huge reputational risks involved and also the
amount of leverage that currently exists in emirate we believe that the UAE authorities will be more likely to try and
secure an orderly restructuring of outstanding liabilities of the two firms.
The problem is that it may be technically difficult to engineer a voluntary restructuring of short-term liabilities in the
coming few days, before December 14, when Nakheel’s $3.5bn sukuk bond will mature. In that case, we may well be
looking at a technical default, unless UAE authorities announce a credible alternative (re)financing plan in due course.
We will be following the story closely, so stay tuned.
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今天某帝国主义投行发来的邮件。
另外迪拜的事情，看今晚的股市和大宗商品市场了，邪恶的期待曼城，哈哈哈。 |
楼主