JPMorgan is seeking to sell at a discount loans raised by the sovereign wealth funds of Saudi Arabia and the United Arab Emirates, according to two sources and a document, as banks brace for a borrowing spree in the Gulf due to low oil prices.
However, as Gulf government and state entities seek to raise funds after the recent plunge in oil prices and the coronavirus pandemic strained budgets, banks have been trying to make room for new borrowing requests by selling down some of their exposure, the two sources said. "Everyone wants money these days and we can't give everyone money," said the source, speaking anonymously due to commercial sensitivities.
The PIF debt JPMorgan has been trying to sell is part of an US$11 billion debut syndicated loan the sovereign wealth fund raised in 2018 from 15 banks, including the U.S. lender.
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