What most people do not understand is that Dubai borrows with ZERO collateral. They are an oil rich country that that doesnt even pledge a drop of oil. Considering risk of default, it could be a situation of which creates and end to the carry trade and confirms the excellence of the $US as a safe haven for wealth. Given that this is one of the thinnest trading days of the year, expect to be filled on the outliers, extreme bids and offers.
This is one for the history books. Dubai borrows tons of money using bonds. Dubai appears super rich and creditworthy due to bond financed development. Scheme eventually collapses when Dubai cannot float enough bonds to raise money to pay interest on outstanding debt.