CDB participates in $2.45 billion syndicated loan to Vnesheconombank (VEB) for on-lending purposes
Commitment amount
$ 273927857.67700803
Adjusted commitment amount
$ 273927857.68
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Russia
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On April 28, 2011, Vnesheconombank (VEB) — a Russian state-owned bank — signed a $2.45 billion syndicated loan agreement with a group of banks. The loan carried a 3-year maturity and an interest rate at 6-month LIBOR plus a 1.3% margin. As of April 25, 2012, the full amount of the loan was outstanding. The proceeds of the loan were to be used by Vnesheconombank for on-lending in support of investment projects. Participants in the loan syndicate included China Development Bank (CDB), The Bank of Tokyo-Mitsubishi UFG Ltd, Barclays Bank PLC, BNP Paribas, Hong Kong Branch, Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, Mizuho Corporate Bank Ltd, Societe Generale, and Sumitomo Mitsui Banking Corporation Europe Limited.
Additional details
1. AidData has estimated the all-in interest rate by adding 1.3% to average 6-month LIBOR in April 2011 (0.442%). 2. The size of CDB’s contribution to the $2.45 billion syndicated loan is unknown. For the time being, AidData assumes that all 11 known members of the syndicate made equal contributions ($222,727,272).
Number of official sources
2
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
Barclays Bank Plc [Private Sector]
BNP Paribas S.A. [Private Sector]
Commerzbank Aktiengesellschaft [Private Sector]
Credit Suisse [Private Sector]
Societe Generale [Private Sector]
Sumitomo Mitsui Banking Corporation Europe Limited [Private Sector]
Mizuho Corporate Bank, Ltd. (MHCB) [Private Sector]
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI)) [Private Sector]
Direct receiving agencies [Type]
Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]
Implementing agencies [Type]
Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]
Loan Details
Maturity
3 years
Interest rate
1.742%