ICBC contributes to EUR 591 million million syndicated loan tranche to Akbank for unspecified purposes (Linked to Project ID#67127)

On September 27, 2018, the Turkish Branch the Industrial and Commercial Bank of China (ICBC Turkey) and 23 financial institutions signed a $980 million syndicated loan agreement with Akbank T.A.Ş. — a privately-owned bank in Turkey — for unspecified purposes. The loan had two tranches: (1) a $285 million tranche with a maturity length of 367 days and a variable interest rate of LIBOR + 2.75% (captured via Project ID#67127); and (2) an EUR 591 million tranche with a maturity length of 367 days and a variable interest rate of EURIBOR + 2.65% (captured via Project ID#67128). Participants in the lending syndicate included ICBC, Bank of America Merrill Lynch, Bank of Montreal, BNP Paribas, Cargill Financial Services, Citi, Commerzbank, Deutsche Bank, Emirates NBD, Goldman Sachs, HSBC, ICBC, ING, Intesa Sanpaolo, JPMorgan, KBC Bank, Mashreqbank, Mediobanca, Mizuho Bank, MUFG, Societe Generale, Standard Chartered, SMBC and UniCredit.

Additional details

1. It is unclear which subsidiary of ICBC — ICBC Turkey or ICBC Securities (which is, in turn, a subsidiary of ICBC Turkey) — participated in the lending syndicate; ICBC Turkey's 2018 Annual Report only lists "The Company" as the loan's coordinator and joint book-runner (pg. 40). 2. AidData has estimated the all-in Interest rate by adding a 2.75% margin to the average 6 month LIBOR rate in September 2018 (2.569%). 3. ICBC’s contribution to the EUR 591 million loan tranche is unknown. For the time being, AidData assumes equal contributions ($24.625 million) across the 24 institutions that participated in the lending syndicate.

Number of official sources

5

Number of total sources

13