Middle Eastern sovereigns eye loans in fundraising drive:
"Gulf states are ramping up plans to raise syndicated loans for state-owned firms in a fundraising drive designed to offset the effects of low oil prices that also includes privatisations, financial restructurings and IPOs of state assets. Abu Dhabi National Oil Company (ADNOC) is in the market for a US$6bn loan and a US$3bn bond as it plans to float stakes in some of its services businesses as part of a major shakeup. “The Middle East market is distressed and sovereigns are looking for cash through oil companies, GREs (Government Related Entities) and IPOs,” a banker said."
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