MidEast on up as IPIC launches $2.5bn deal
The Middle East’s loan market continued its strong start to the year when International Investment Petroleum Co, the Abu Dhabi-owned borrower, launched a $2.5bn refinancing on Monday night. The three year deal, which pays a 150bp margin, sets a regional benchmark. It also underlines the strength of the Gulf’s loan market compared with its bond market: IPIC launched the refinancing after delaying a debt bond issue to take out the debt that way instead.
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