Loan Ranger: Oil Asset Addicts Anonymous

26 Aug 2010

Angry environmentalists, worried pension-holders, an under-pressure US president and the oil-coated brown pelican — nobody is happy about the massive Deepwater Horizon oil spill in the Gulf of Mexico. Nobody that is, except some loans bankers, who are overjoyed by the asset-backed $5bn loan from BP subsidiaries BP Caspian and BP Angola.

Loans-starved banks are jumping on the deal. “This is great for the loan market,” one banker told Loan Ranger. “If it wasn’t for the oil spill, there’s no way BP would have even thought of doing PXFs.”

Tonto was less than impressed. “Bring on the four horsemen of ...

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