Bank of China contributes to a syndicated loan tranche of EUR 303 million to Akbank for debt refinancing (linked to #67032, #91597, and #91598)
Commitment amount
$ 11214183.57994863
Adjusted commitment amount
$ 11214183.58
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Türkiye
Sector
Action relating to debt (Code: 600)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
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 was divided into two tranches: a $356 million tranche with an interest rate of LIBOR + 250 basis points (captured via Project #67032) and a tranche of EUR 303 million with an interest rate of EURIBOR + 240 basis points (captured via Project ID#67033). Both tranches carry maturity lengths of 367 days.
Additional details
1. On March 1, 2019, the 6-month Euribor rate was -0.23%. Accordingly, AidData has calculated the interest rate of this syndicated loan as (-0.23 + 2.4) 2.17 percent. 2. The size of the joint BOC and CDB contribution to the EUR 303 million syndicated loan tranche is unknown. For the time being, AidData assumes equal contributions (EUR 8,911,764) across the 34 participants in the loan syndicate.
Number of official sources
2
Number of total sources
5
Details
Cofinanced
Yes
Cofinancing agencies [Type]
BNP Paribas S.A. [Private Sector]
Citigroup [Private Sector]
Commerzbank Aktiengesellschaft [Private Sector]
ING Bank N.V. [Private Sector]
JPMorgan Chase Bank [Private Sector]
Mizuho Bank [Private Sector]
Societe Generale [Private Sector]
Deutsche Bank [Private Sector]
Sumitomo Mitsui Banking Corporation Group (SMBC Group) [Private Sector]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK) [State-owned Bank]
Abu Dhabi Commercial Bank PJSC (ADCB) [State-owned Bank]
Askari Bank Limited [Private Sector]
Bank of Bahrain and Kuwait [Private Sector]
Bankinter [Private Sector]
Credit Suisse [Private Sector]
Goldman Sachs Bank USA [Private Sector]
Habib Bank Limited (HBL) [Private Sector]
Mashreqbank PSC [Private Sector]
ODDO BHF [Private Sector]
mBank [Private Sector]
Zürcher Kantonalbank [State-owned Bank]
Bank of America Merrill Lynch International Limited [Private Sector]
Standard Chartered Bank PLC [Private Sector]
China Development Bank (CDB) [State-owned Policy Bank]
BPER Banca S.p.A. [Private Sector]
Emirates NBD Bank PJSC [State-owned Bank]
CaixaBank, S.A. (Formerly Criteria CaixaCorp) [Private Sector]
Intesa Sanpaolo S.P.A. [Private Sector]
Gulf International Bank B.S.C. (GIB) [Joint Venture/Special Purpose Vehicle]
Arab Banking Corporation (Bank ABC) [State-owned Bank]
Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB)) [State-owned Bank]
DZ Bank AG [Private Sector]
Direct receiving agencies [Type]
Akbank T.A.Ş. [Private Sector]
Loan Details
Maturity
1 years
Interest rate
2.17%
Grant element (OECD Grant-Equiv)
3.5631%