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Overview

Bank of China contributes to a syndicated loan tranche of USD 356 million to Akbank for debt refinancing (Linked to Record ID#67033, #91598 and #91597)

Commitments (Constant USD, 2023)$10,868,339
Commitment Year•2019Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•Cayman IslandsSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2019
Last repayment (originally scheduled)
Feb 29, 2020

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

  • Bank of China (BOC)

Cofinancing agencies

Intergovernmental Organizations

  • Bank of Bahrain and Kuwait B.S.C (BBK)

Joint Venture/Special Purpose Vehicles

  • Gulf International Bank B.S.C. (GIB)

Private Sector

  • Askari Bank Limited
  • Bank of America Merrill Lynch International Limited
  • Bankinter, S.A.
  • BNP Paribas S.A.
  • BPER Banca S.p.A. (formerly Banca Popolare dell'Emilia Romagna S.C.)
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Citigroup Inc.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Credit Suisse AG
  • Deutsche Bank AG
  • DZ Bank AG
  • Goldman Sachs Bank USA
  • Habib Bank Limited (HBL)
  • ING Bank N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • Mashreqbank PSC
  • mBank S.A. (formerly BRE Bank)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • ODDO BHF
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Arab Banking Corporation (Bank ABC)
  • Emirates NBD Bank P.J.S.C.
  • National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK)
  • Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB))
  • Zurich Cantonal Bank (Zürcher Kantonalbank (ZKB))

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Private Sector

  • Akbank T.A.Ş.

Loan description

BOC and CDB contribution to $700 million syndicated loan USD and EUR tranches to Akbank for debt refinancing

Grant element•2.1494%Interest rate (t₀)•5.18213%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

In March 2019, Bank of China (Grand Cayman Branch), China Development Bank (Inner Mongolia Branch), and 32 other banks signed a $700 million syndicated (loan) facility agreement with Akbank T.A.Ş to help its refinance its existing debts. The loan is divided into two tranches, a USD 356 million tranche (captured in this project and #91597), with an interest rate of LIBOR + 250 basis points, and a tranche of EUR 303 million (captured in Record ID#67033 and #91598), with an interest rate of EURIBOR + 240 basis points. Both tranches of the loan have a maturity of 367 days.

Staff comments

1. On Mar 1, 2019, the 6-month Libor rate was 2.68%. Accordingly, AidData has calculated the interest rate of this syndicated loan as (2.68 + 2.5) 5.18 percent. 2. The exact size of BOC's contribution is unknown. For the time being, AidData assumes that all 34 members of the lending syndicate contributed equal amounts ($10,470,588) to the 356 million dollar tranche.