Banks show strong interest in Ipic loan

Abu Dhabi Government-owned International Petroleum Investment Company (Ipic) has received a positive response to its $3.5 billion (Dh12.8 billion) syndicated loan, with up to eight banks looking to join the deal as bookrunners, banking sources close to the deal said on Wednesday.

The banks are looking to commit $400 million each, the sources said, joining co-ordinating bookrunners Bank of Tokyo-Mitsubishi UFJ, HSBC and Santander.

The loan, which will be used to finance Ipic's recent acquisitions, as well as for general corporate purposes, was launched in May.