迪拜獲100億美元援助金

阿布扎比昨日令市場(chǎng)為之一振。該國(guó)決定向迪拜提供100億美元的救援資金，使迪拜得以避免讓困境中的國(guó)有地產(chǎn)開(kāi)發(fā)商棕櫚島集團(tuán)(Nakheel)陷入違約窘境。

Abu Dhabi cheered markets yesterday by extending a bn bail-out to Dubai, enabling its fellow emirate to avoid an embarrassing slide into default by troubled state-owned property developer Nakheel.

阿布扎比此舉結(jié)束了持續(xù)3周的市場(chǎng)動(dòng)蕩。3周前，迪拜請(qǐng)求暫停償還國(guó)有企業(yè)集團(tuán)、棕櫚島母公司迪拜世界(Dubai World)所持有的260億美元債務(wù)。阿布扎比是阿聯(lián)酋首府，石油儲(chǔ)量豐富。

The move by the oil-rich capital of the United Arab Emirates ended three weeks of market turmoil following Dubai's request to freeze payments on bn in debt held by state-owned conglomerate Dubai World, Nakheel's parent.

但分析人士警告稱，人們對(duì)迪拜世界的重組以及迪拜商業(yè)帝國(guó)其它部分的狀況仍存疑慮。

But analysts warned that concerns remained about the conglomerate's restructuring and other parts of the emirate's commercial empire.

阿布扎比的救援舉措宣布后，全球市場(chǎng)止跌回升。迪拜和阿布扎比股市漲幅最大，分別躍升10.4%和7.9%。

Global markets rallied after Abu Dhabi's move, with the biggest gains seen on the Dubai and Abu Dhabi exchanges, which jumped 10.4 per cent and 7.9 per cent respectively.

其它地區(qū)，亞洲股市收復(fù)了此前的跌幅，歐洲和美國(guó)股市上漲。在迪拜，針對(duì)迪拜債務(wù)違約的保險(xiǎn)成本從583個(gè)基點(diǎn)降至465個(gè)基點(diǎn)。每個(gè)基點(diǎn)相當(dāng)于在5年內(nèi)每年為1000萬(wàn)美元債務(wù)支付1000美元的保險(xiǎn)成本。

Elsewhere, shares recovered from losses in Asia, while European and US stocks rose. In Dubai, the cost of insuring the emirate's debt against default dropped to 465 basis points from 583bp. Every basis point equals a cost of ,000 to insure m of debt annually over five years.

加拿大皇家銀行資本市場(chǎng)分析(RBC Capital Markets)策略師奈杰爾·蘭德?tīng)?Nigel Rendell)表示：“這個(gè)消息令市場(chǎng)欣喜若狂，因?yàn)榇饲?，這件事給市場(chǎng)帶來(lái)了巨大壓力。”

Nigel Rendell, a strategist at RBC Capital Markets, said: “The markets reacted to the news with euphoria as this was weighing heavily on them.”

迪拜政府表示，將利用這筆資金償還于昨日到期的41億美元伊斯蘭債券Nakheel sukuk，以及在迪拜世界協(xié)商債務(wù)重組期間，幫助迪拜世界支付債務(wù)利息和運(yùn)營(yíng)成本。

The Dubai government said it would use the funds to settle a .1bn Nakheel sukuk – Islamic bond – due yesterday and for interest payments and working capital while Dubai World negotiated a debt restructuring.

但分析人士表示，迪拜作為商業(yè)避風(fēng)港的聲譽(yù)仍然存在疑問(wèn)，該酋長(zhǎng)國(guó)還面臨重新安排迪拜世界剩余220億美元債務(wù)償還計(jì)劃的艱巨任務(wù)。

But analysts said Dubai's reputation as a business haven remained in question and the emirate still faced a tough task to reschedule the remaining bn of Dubai World's debts.

穆迪(Moody's)的菲利普·勞特(Philipp Lotter)表示：“市場(chǎng)討厭不確定性，痛恨不可預(yù)測(cè)性。在重塑聲譽(yù)方面，前方的路還很長(zhǎng)。”

“Markets hate uncertainty, but they loathe unpredictability. In terms of rebuilding reputations, this process is far from over,” said Philipp Lotter of Moody's.

阿布扎比此舉似乎重新肯定了迪拜世界債務(wù)受到隱性政府擔(dān)保的看法。阿布扎比出手干涉前，迪拜的債務(wù)危機(jī)已導(dǎo)致該國(guó)自身的借貸成本同其它海灣國(guó)家一道不斷上升。

Abu Dhabi's move appeared to restore what had been perceived as an implicit state guarantee of Dubai World's debts. Its intervention came after the Dubai debt crisis caused its own borrowing costs to rise alongside those of other Gulf states.

通過(guò)償還伊斯蘭債券，迪拜避免了與債券持有者展開(kāi)可能頗為難堪的法庭大戰(zhàn)，也避免了償債問(wèn)題影響到迪拜世界債務(wù)的重組。迪拜希望，迪拜世界的債務(wù)如今可進(jìn)入“有序重組”。

By settling the sukuk, Dubai has neutralised a potentially ugly legal battle with sukuk-holders, many of them foreign hedge funds, and prevented it affecting what it hopes can now become an “orderly restructuring” of Dubai World's debt.