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Overview

China Construction Bank contributes €3 million EUR to a €100 million EUR syndicated loan to Icebank for general corporate purposes

Commitments (Constant USD, 2023)$7,477,729
Commitment Year•2005Country of Activity•IcelandDirect Recipient Country of Incorporation•IcelandOverseas Jurisdiction•Hong Kong (China)Sector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2005
Last repayment (originally scheduled)
Apr 30, 2008

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank (Asia) Corporation Limited (CCB (Asia))

Cofinancing agencies

Private Sector

  • American Express Bank Ltd
  • Arbejdernes Landsbank A/S (AL Bank)
  • Banca Intesa S.p.A. (IntesaBci S.p.A.)
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Credem International (Lux) S.A. (Credemlux)
  • DGB Dekabank
  • DZ Bank AG
  • Erste Bank
  • HypoVereinsbank (HVB)
  • Kaupthing Bank hf.
  • Nordea Bank Abp
  • Raiffeisen Zentralbank Österreich A.G. (RZB)
  • Sampo Bank PLC
  • Sanpaolo IMI S.p.A.
  • Union Bank of Norway International S.A. (UBNI)
  • WGZ Bank

State-owned Banks

  • Baden-Württembergische Bank AG (BW-Bank)
  • Banca Monte dei Paschi di Siena S.p.A. (MPS) (BMPS)
  • Banque et Caisse d'Épargne de l'État (Spuerkeess)
  • Bayerische Landesbank (BayernLB)
  • Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG)
  • Landesbank Baden-Württemberg (LBBW)
  • Landesbank Saar (SaarLB)
  • LRP Landesbank Rheinland-Pfalz
  • Salzburger Landes-Hypothekenbank AG
  • Zurich Cantonal Bank (Zürcher Kantonalbank (ZKB))

Receiving agencies

Private Sector

  • Icebank hf. (Sparisjóðabanki Íslands hf.)

Loan description

2003, China Construction Bank contribution to Icebank for general corporate purposes

Interest rate (t₀)•2.465%Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

In May 2005, a syndicate of 27 banks — including China Construction Bank Corporation (CCB) — signed a €100 million EUR syndicated loan agreement with Icebank hf. (also known as Sparisjóðabanki Íslands hf.) — a Icelandic commercial bank based in Reykjavík — for general corporate purposes. This loan carried a maturity period of three years and an interest rate of EURIBOR plus a margin of 31.5 basis points (bps). The proceeds were to be used by the borrower for general corporate purposes; it was the borrower's largest ever loan. CCB committed €3 million EUR as a lead manager to the loan syndicate. In addition to CCB, the following lenders contributed the respective amounts to the loan syndicate in the following roles: Bayerische Landesbank (BayernLB) (€5 million EUR as an initial mandated lead arranger), DZ Bank AG (€5 million EUR as an initial mandated lead arranger), Commerzbank AG (€5 million EUR as a mandated lead arranger), DekaBank (€5 million EUR as a mandated lead arranger), Erste Bank (€5 million EUR as a mandated lead arranger), HypoVereinsbank (HVB) (€5 million EUR as a mandated lead arranger), Kaupthing Bank hf. (€5 million EUR as a mandated lead arranger), Landesbank Baden-Wurttemberg (LBBW) (€5 million EUR as a mandated lead arranger), LRP Landesbank Rheinland-Pfalz (€5 million EUR as a mandated lead arranger), Raiffeisen Zentralbank Österreich A.G. (RZB) (€5 million EUR as a mandated lead arranger), Sanpaolo IMI S.p.A. (€5 million EUR as a mandated lead arranger), WGZ Bank (€5 million EUR as a mandated lead arranger), Zürcher Kantonalbank (ZKB) (€5 million EUR as a mandated lead arranger), American Express Bank (€3 million EUR as a lead manager), Arbejdernes Landesbank A/S (€3 million EUR as a lead manager), Banca Intesa S.p.A. (€3 million EUR as a lead manager), Credem International (Lux) S.A. (Credemlux) (€3 million EUR as a lead manager), Landesbank Saar (SaarLB) (€3 million EUR as a lead manager), Nordea Bank (€3 million EUR as a lead manager), Sampo Bank PLC (€3 million EUR as a lead manager), Baden-Württembergische Bank (BW-Bank) (€2 million EUR as a manager), Banque et Caisse d'Épargne de l'État (Spuerkeess) (€2 million EUR as a manager), HSH Nordbank AG (€2 million EUR as a manager), Salzburger Landes-Hypothekenbank (€2 million EUR as a manager), Union Bank of Norway International (UBNI) (€2 million EUR as a manager), and Banca Monte dei Paschi di Siena S.p.A. (BMPS) (€1 million EUR as a manager).

Staff comments

1. A 6-month EURIBOR was assumed. The average 6-month EURIBOR for May 2005 was 2.144%. Therefore, the interest rate has been coded as 2.144% + 0.315% (31.5 bps) = 2.459%.