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Overview

China Eximbank contributes to $370 million syndicated loan agreement with Bank Muscat for unspecified purposes

Commitments (Constant USD, 2023)$37,223,218
Commitment Year•2008Country of Activity•OmanDirect Recipient Country of Incorporation•OmanSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2008
Start (actual)
May 1, 2008
End (planned)
May 1, 2013
End (actual)
May 1, 2013
Last repayment (originally scheduled)
May 1, 2011

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 Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

  • BAWAG P.S.K. Bank Für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (BAWAG P.S.K.)
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Deutsche Bank AG
  • Erste Group Bank AG (Erste Group)
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JP Morgan
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Taiwan Business Bank (TBB)

State-owned Banks

  • Banca Monte dei Paschi di Siena S.p.A. (MPS) (BMPS)
  • Reserve Bank of India

State-owned Commercial Banks

  • Zurich Cantonal Bank

Receiving agencies

Private Sector

  • Bank Muscat

Loan description

China Eximbank contributes to USD 370 million syndicated loan agreement with Bank Muscat for unspecified purposes

Grant element•8.438%Interest rate (t₀)•3.39%Interest type•Variable Interest RateLoan tenor•3-month rateMaturity•3 years

Narrative

Full Description

Project narrative

In May 2008, Bank Muscat signed a $370 million syndicated loan with a group of banks for unspecified purposes. The loan was arranged by bookrunners BTMU, Intesa Sanpaolo, Lloyds, RBI and SMBC. Commerzbank, Deutsche Bank and JP Morgan joined as mandated lead arrangers with arrangers BAWAG and Zurcher Kantonalbank. Erste Group, the Export-Import Bank of China, Monte dei Paschi and Taiwan Business Bank were participants. BTMU was the agent on the deal and is coordinating the new agreement. The loan carried a three-year maturity and an interest rate of 3-month LIBOR plus a 0.75% margin. By June 2011, the borrower was in talks with its lenders to follow up with a refinancing deal.

Staff comments

1. AidData has estimated the all-in interest rate (3.39%) by adding 0.75% to average 3-month LIBOR in May 2008 (2.64%). 2. The monetary value of China Eximbank's contribution to the syndicated loan is unknown. For the time being, AidData assumes equal contributions ($26,428,571) across the 14 known members of the syndicate.