Citi, Deutsche start talks to sell $9 billion Dubai port company debt: sources

) have started talks with other banks to sell roughly $9 billion in debt Dubai raised to take full control of DP World DPW.DI and refinance borrowings of Dubai World, sources familiar with the matter said on Wednesday.

Citi and Deutsche Bank have underwritten roughly $9 billion of debt for the transaction and have started discussions with other lenders to decrease their exposure by distributing the debt, the sources said.Dubai World, a conglomerate with interests in ports, real estate and hospitality, signed a $25 billion debt restructuring agreement in 2011 after Dubai was hit by the global financial crisis.

“The sizable dividend payment to Dubai World breaks our current assumption that DP World’s credit profile is unaffected by the debt burden at the level of Dubai World,” Moody’s said. After the 2009 debt crisis, Dubai had to rely on $20 billion in bailout loans from Abu Dhabi and the UAE central bank to stave off a sovereign default.

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