CDB participates in EUR 190 million syndicated loan tranche with ING Bank A.Ş. for general trade finance purposes (Linked to Project ID#67247)

On August 1, 2019, ING Bank A.Ş. signed a syndicated (dual tranche dual currency) term loan facility agreement with 20 banks — including China Development Bank (CDB) — for general trade finance purposes. The loan was divided into two tranches: a $96 million tranche with a 1-year (367 day) maturity and an interest rate of LIBOR plus 250 basis points, and an EUR 190 million tranche with a 1-year maturity (367 day) and an interest rate of EURIBOR plus 240 basis points. Project ID#67247 captures CDB’s estimated contribution to the $96 million syndicated loan tranche, while Project ID#67249 captures CDB’s estimated contribution to the EUR 190 million syndicated loan tranche. Participants in the syndicated loan included CDB, Mizuho Bank, Ltd, Barclays Bank PLC, Doha Bank, Q.P.S.C., Dubai Branch, Goldman Sachs International, J.P. Morgan Securities plc, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation Europe Limited, Sberbank (Switzerland) AG, and Sberbank Europe AG, VTB Bank, among others. Barclays Bank PLC, Doha Bank, Q.P.S.C., Dubai Branch, Goldman Sachs International, J.P. Morgan Securities plc, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation Europe Limited, Sberbank (Switzerland) AG and Sberbank Europe AG joined as Mandated Lead Arrangers. Standard Chartered Bank acted together as Sole Coordinator with Mizuho Bank, Ltd., as the Facility Agent.

Additional details

1. CDB’s contribution to the EUR 190 million syndicated loan tranche is unknown. For the time being, AidData assumes equal contributions (EUR 9.5 million) across the 20 participants in the loan syndicate. 2. CDB’s contribution to the $96 million syndicated loan tranche is unknown. For the time being, AidData assumes equal contributions ($4.8 million) across the 20 participants in the loan syndicate. 3. The all interest rate (2.037%) for the EUR-denominated tranche has been calculated by adding 2.4% to average 6-month Euribor (-0.363%) in August 2019. 4. The all-in interest rate (4.557%) for the USD-denominated tranche has been calculated by adding 2.5% to average 6-month Libor in August 2019 (2.057%). 5. ING Bank A.Ş. is a wholly-owned subsidiary of ING Bank N.V. Although the ING Group has had a presence in Turkey since the 1990s it expanded its operations in the country through the acquisition of Oyak Bank in December 2007. In July 2008, the name was changed to ING Bank A.Ş.

Number of official sources

4

Number of total sources

8