迪拜获100亿美元援助金

阿布扎比昨日令市场为之一振。该国决定向迪拜提供100亿美元的救援资金，使迪拜得以避免让困境中的国有地产开发商棕榈岛集团(Nakheel)陷入违约窘境。

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.

阿布扎比此举结束了持续3周的市场动荡。3周前，迪拜请求暂停偿还国有企业集团、棕榈岛母公司迪拜世界(Dubai World)所持有的260亿美元债务。阿布扎比是阿联酋首府，石油储量丰富。

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.

但分析人士警告称，人们对迪拜世界的重组以及迪拜商业帝国其它部分的状况仍存疑虑。

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

阿布扎比的救援举措宣布后，全球市场止跌回升。迪拜和阿布扎比股市涨幅最大，分别跃升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.

其它地区，亚洲股市收复了此前的跌幅，欧洲和美国股市上涨。在迪拜，针对迪拜债务违约的保险成本从583个基点降至465个基点。每个基点相当于在5年内每年为1000万美元债务支付1000美元的保险成本。

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.

加拿大皇家银行资本市场分析(RBC Capital Markets)策略师奈杰尔·兰德尔(Nigel Rendell)表示：“这个消息令市场欣喜若狂，因为此前，这件事给市场带来了巨大压力。”

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，将利用这笔资金偿还于昨日到期的41亿美元伊斯兰债券Nakheel sukuk，以及在迪拜世界协商债务重组期间，帮助迪拜世界支付债务利息和运营成本。

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，迪拜作为商业避风港的声誉仍然存在疑问，该酋长国还面临重新安排迪拜世界剩余220亿美元债务偿还计划的艰巨任务。

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·劳特(Philipp Lotter)表示：“市场讨厌不确定性，痛恨不可预测性。在重塑声誉方面，前方的路还很长。”

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

阿布扎比此举似乎重新肯定了迪拜世界债务受到隐性政府担保的看法。阿布扎比出手干涉前，迪拜的债务危机已导致该国自身的借贷成本同其它海湾国家一道不断上升。

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.

通过偿还伊斯兰债券，迪拜避免了与债券持有者展开可能颇为难堪的法庭大战，也避免了偿债问题影响到迪拜世界债务的重组。迪拜希望，迪拜世界的债务如今可进入“有序重组”。

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.