Exclusive: JPMorgan Looking to Offload Saudi and UAE Sovereign Fund Loans-Sources – The New York Times

Exclusive: JPMorgan Looking to Offload Saudi and UAE Sovereign Fund Loans-Sources – The New York Times

Banks tend to hold loans they grant to Gulf governments in their portfolios, only selling down their exposure quietly through bilateral transactions as they don't want to be seen as dumping the paper in the market, two banking sources said.. 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.. Other banks with large exposures to Gulf governments have also tried to offload loans over the past few weeks, a Gulf-based source said..