Dubai World property unit Nakheel is expected to repay a $980m Islamic bond due May 13, one bondholder said, underscoring the different treatment of the holding company's various creditor classes.

Reuters said on Monday that clearing house Euroclear had not yet received any instructions from Nakheel.

State owned holding company Dubai World is in talks with banks to restructure $24.8bn in debt repayments, with the rate of interest offered to the company's bank lenders a key sticking point of the discussions.