China Construction Bank contributes $30.5 million to $1 billion syndicated loan to help South African Reserve Bank support the country’s foreign currency position (Linked to Project ID#72441)
Commitment amount
$ 69468389.71754241
Adjusted commitment amount
$ 69468389.72
Constant 2021 USD
Summary
Funding agency [Type]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
Recipient
South Africa
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On July 19, 2004, South African Reserve Bank announced that it had entered into a $1 billion loan facility agreement with a syndicate of 39 banks and financial institutions. The loan had a 3 year maturity and an interest rate of 2.103% (average 3-month LIBOR in July 2004 + 47.5 basis points = 1.628% + 0.475% = 2.103%). The borrower was able to draw down on the loan in USD and/or Euro in order to support the country’s foreign currency position. As a Lead Manager of the syndicate, Bank of China committed $11.3 million. As a Mandated Lead Arranger of the syndicate, China Construction Bank committed $30.5 million. Project ID#72441 captures Bank of China’s contribution to the loan syndicate and Project ID#72443 captures China Construction Bank’s contribution to the loan syndicate.
Number of official sources
3
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Sumitomo Mitsui Banking Corporation [Private Sector]
BNP Paribas S.A. [Private Sector]
Standard Bank London Ltd [Private Sector]
Barclays Bank Plc [Private Sector]
Calyon [Private Sector]
Deutsche Bank [Private Sector]
Dresdner Kleinwort [Private Sector]
HSBC (Hong Kong and Shanghai Banking Corporation) [Private Sector]
Bayerische Hypo- und Vereinsbank AG [Private Sector]
JPMorgan Chase & Co. [Private Sector]
Mizuho Bank [Private Sector]
Natexis Banques Populaires [Private Sector]
Societe Generale Corporate and Investment Banking (SGCIB) [Private Sector]
UFJ Bank [Private Sector]
UniCredit Bank Austria AG [Private Sector]
Bank of America Securities Ltd [Private Sector]
BMO Financial Group (Bank of Montreal) [Private Sector]
Bank of Taiwan [State-owned Bank]
CIBC World Markets plc [Private Sector]
Kredietbank ABB Insurance CERA Bank (KBC) [Private Sector]
Lloyds Bank [Private Sector]
Raiffeisen Zentralbank Osterreich AG [Private Sector]
Bank of China (BOC) [State-owned Commercial Bank]
Dexia Investments Ireland [Private Sector]
Goldman Sachs Bank USA [Private Sector]
WGZ Bank [Private Sector]
WestLB AG [State-owned Bank]
The Bank of Tokyo-Mitsubishi, Ltd. (BTM) [Private Sector]
Bank of New York [Private Sector]
Commerzbank Aktiengesellschaft [Private Sector]
ING Bank N.V. [Private Sector]
ABN AMRO Bank [Private Sector]
Bayerische Landesbank (BayernLB) [State-owned Bank]
Erste Group Bank AG (Erste Group) [Private Sector]
Citibank N.A. [Private Sector]
Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG) [State-owned Bank]
Rand Merchant Bank (RMB) [Private Sector]
Direct receiving agencies [Type]
South African Reserve Bank (SARB) [Government Agency]
Loan Details
Maturity
3 years
Interest rate
2.103%
Grant element (OECD Grant-Equiv)
6.5578%