Lenders set for Aramco let down

摘要

A significant loan financing to back oil giant saudi aramco's US$69.1bn acquisition of a 70% stake in SABIC is looking increasing unlikely, with lenders now focussing on potential funding requirements for Saudi Arabia's public investment fund instead, bankers said. Aramco is acquiring the SABIC stake from sovereign wealth fund PIF for US$69.1bn and bankers expected the deal to provide an opportunity for a loan of up to US$50bn. However, following the disclosure of Aramco's financials in its recent bond prospectus, revealing it as the world's most profitable firm in 2018 with a net income of US$111bn, bankers now question its need for a loan financing.