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Overview

Bank of Communications contributes to $175 million syndicated loan with Philippine National Oil Company (PNOC) in August 2003 (Linked to Record ID#104647)

Commitments (Constant USD, 2023)$9,000,140
Commitment Year•2003Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesOverseas Jurisdiction•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2003
Last repayment (originally scheduled)
Jul 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 Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Intergovernmental Organizations

  • The Arab Investment Company

Private Sector

  • Bank of Nova Scotia (Scotiabank)
  • Cathay United Bank
  • Citigroup Inc.
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • DZ Bank AG
  • International Commercial Bank of China
  • KBC Bank N.V.
  • Philippine National Bank
  • Security Bank Cooperation
  • Standard Chartered Bank PLC

State-owned Banks

  • Land Bank of the Philippines
  • Taiwan Cooperative Bank

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

  • Philippine National Oil Company (PNOC)

Loan description

BoCom and CCB contribution to $175 million syndicated loan with Philippine National Oil Company (PNOC) in August 200

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In August 2003, a group of banks -- including China Construction Bank (Singapore) and Bank of Communications (Singapore) -- participated in a $175 million, 5-year syndicated loan agreement with Philippine National Oil Company (PNOC). Citigroup and Standard Chartered served as mandated lead arrangers. They contributed $40 million and $35 million, respectively. The arrangers included Security Bank Corp (contributing $18 million) and KBC Bank NV (Manila) and Land Bank of the Philippines (each contributing $12 million). Lead managers included Bank of Nova Scotia, Chinatrust (Philippines) Commercial Bank, DZ Bank AG (Singapore), International Commercial Bank of China (Manila) and Taiwan Co-operative Bank (Manila OBB). Bank of Nova Scotia contributed $10 million and the other lead managers contributed $7 million each. Allied Banking Corp, Arab Investment Co SAA, Bank of Communications (Singapore), China Construction Bank (Singapore) and United World Chinese Commercial Bank also participated in the syndicated loan managers. Bank of Communications (Singapore)'s estimated contribution is captured via Record ID#104648 and China Construction Bank (Singapore)'s estimated contribution is captured via Record ID#104647.

Staff comments

1. Allied Banking Corp is coded as Philippine National Bank in the co-financing agencies field as these two banks merged in February 2013. 2. United World Chinese Commercial Bank is identified as Cathay United Bank in the co-financing agencies field as these two banks merged in April 2002. 3. AidData estimates the transaction (loan commitment) amount by (a) first subtracting the known contributions of bank participants in the syndicate ($150 million) from the total face value of the loan ($175 million), and then (b) assuming equal contributions ($4 million) across the five remaining members of the syndicate. 4. The Philippine National Oil Company (PNOC) is an energy company created on November 9, 1973 as a government-owned and controlled corporation.