Borrowers from the Persian Gulf aren’t tapping the syndicated loan market, preferring to rely on financing from individual banks, according to Standard Chartered Plc. (STAN)
“I don’t see lots of companies coming to the market for new money,” Steve Perry, a Dubai-based managing director at Standard Chartered, said during a conference in the emirate today. “The borrowers that are able to raise new money are looking at bilaterals.”
Demand for loans has slowed amid the political turmoil in North Africa and the Middle East that drove borrowings costs higher. Syndicated loans declined 71 percent to $5.36 billion this year for the Middle East and North Africa from the same period in 2010, according to data compiled by Bloomberg.
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