Reuters DUBAI – Saudi Aramco has sent a request for proposals to banks for financing it wants to offer to investors looking to lease its pipelines, three sources said, a sign the oil giant is progressing with plans to extract value from its assets. Aramco, which is being advised by JPMorgan and Japan’s MUFG on the financing, has sent the
CNBC S&P Global Ratings warned that banks could face their toughest year since the aftermath of the global financial crisis, with four key risks hanging over the sector. The ratings agency currently has a “negative” outlook for about one third of global banks, with many downward revisions taken in light of the Covid-19 crisis and the oil price shock experienced
CNBC WASHINGTON — The beaten-down banking sector will remain under pressure through 2025 even as the economy recovers, the International Monetary Fund said Friday. In its latest “Global Financial Stability Report,” the IMF found banks across nine advanced economies will struggle to generate profits over the next five years as the coronavirus pandemic causes a sustained period of low interest rates. The Fund said
Canadian banks have $80 billion of exposure to oil including untapped loans Canada’s top banks have a combined exposure of C$107 billion (USD$80 billion) to the oil and gas industry, inclusive of untapped credit lines, reports Bloomberg. Canadian Imperial Bank of Commerce said in its earnings call that total exposure to oil and gas firms rose to C$18.7 billion in
The Wrath of Godzilla Oil and gas companies have become wary of debt like the residents of Odo feared the wrath of Godzilla, rising up from the sea to wreak havoc at any moment and smashing buildings in a single bound. In a highly capital intensive industry like oil and gas development, debt is a necessity. Bank debt and corporate
Saudi Arabia sees a squeeze in liquidity as oil prices remain low Demand for deposits dropped 4.7%, or about $13.5 billion, in Saudi Arabia over the course of October, forcing banks to borrow more from each other. The rate at which banks in Saudi Arabia lend overnight to each other jumped the most in seven years in November, the fifth
