IPIC cruises to $3.6bn

The first big syndication from the Middle East this year has proved a big hit with lenders. International Petroleum Investment Co (IPIC), the Abu Dhabi borrower, launched a $2.5bn facility on March 1. Having raised about $4.6bn of commitments, it will sign it on Wednesday at $3.6bn. “The only bad thing about this deal is that we’ve been scaled back,” said one banker. “When you have a credit as IPIC, it’s not nice to be scaled back.”