Tuesday 23, October 2018 by Kudakwashe

Banks mum on rising funding costs for SABIC deal, says Aramco CEO


The cost of insuring against a Saudi Arabia sovereign default over the next five years touched 100 basis points last week for the first time since June.

The Chief Executive of Saudi Aramco said that bankers have not expressed any concerns about a recent rise in Saudi funding costs ahead of the company’s potential acquisition of a stake in SABIC, reported Reuters.

Aramco hired JP Morgan and Morgan Stanley to advise on a potential acquisition of a 70 per cent stake in Saudi Arabia’s SABIC.

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