Narrative
Full Description
Project narrative
On May 9, 2018, Yapı Kredi signed a $1.5 billion revolving credit facility agreement with 48 banks from 19 countries for general trade finance purposes, including financing export and import contracts. The joint coordinators of the transaction were ICBC, First Abu Dhabi Bank and Standard Chartered, with Mizuho Bank as the facility agent. The facility was divided into four tranches: a $332 million tranche that carried a 367-day maturity and an interest rate of LIBOR plus a 1.3% margin, an EUR 898 million tranche that carried a 367-day maturity and an interest rate of EURIBOR plus a 1.2% margin, a two-years-plus-one-business-day tranche worth $50 million that carried an interest rate of LIBOR plus a 2.1% margin, and a two-years-plus-one-business-day tranche worth EUR 25 million that carried an interest rate of EURIBOR plus a 1.5% margin.
Staff comments
1. The precise monetary value of ICBC’s contribution to the $50 million syndicated loan tranche is unknown. For the time being, AidData assumes equal contributions ($1,041,666) across the 48 banks that participated in the syndicate. This issue warrants further investigation. 2. AidData has estimated the all-in interest rate by adding 2.1% to average 6-month LIBOR in May 2018 (2.49974%).