Abu Dhabi’s International Petroleum Investment Corporation (Ipic) is seeking banks to finance a $1.5bn loan deal priced at just 50 basis points above the London interbank offered rate (Libor).

The deal is being arranged by the UK’s Royal Bank of Scotland, and the US-based JP Morgan and Goldman Sachs.

The loan has a tenor of 12 months, with an optional six-month extension. If the extension is taken, then there will be an increase in the margin offered to the banks.

Earlier in June, Ipic held investor meetings with global bond investors.