China Construction Bank contributes $26 million to $1 billion syndicated loan to South African Reserve Bank (Linked to Project ID#72436, #72468, #72435,#72472, #72493)
Commitment amount
$ 63337657.249841966
Adjusted commitment amount
$ 63337657.24
Constant 2021 USD
Summary
Funding agency [Type]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
Recipient
South Africa
Sector
General budget support (Code: 510)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On June 16, 2003, the South African Reserve Bank signed a $1 billion loan facility agreement with a syndicate of banks. The syndicate include had 3 different types of lenders who committed differing amounts. Mandated Lead Arrangers committed $47.5 million, Co-Arrangers committed $26 million, and Lead Managers commitment $14.5 million. As Co-Arrangers, Bank of China and China Construction Bank each committed $26 million. The loan had a 3 year maturity and an interest rate of 1.798% (average 3-month LIBOR in June 2003 + 67.5 basis points = 1.123% + 0.675% = 1.798%). The borrower was able to draw down on the loan in USD and/or Euro. $500 million of the loan proceeds were to be used by the borrower to repay a maturing $500 million gold-denominated term loan facility and the balance of the proceeds were to be added to the foreign reserves of the South African Reserve Bank. This project captures China Construction Bank’s contribution to the loan syndicate. Project ID#72468 captures Bank of China’s contribution to the loan syndicate. Project ID #72435 and #72436 capture a syndicated loan used to repay this loan.
Number of official sources
3
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Barclays Bank Plc [Private Sector]
BNP Paribas S.A. [Private Sector]
Citigroup [Private Sector]
Dresdner Kleinwort [Private Sector]
HSBC (Hong Kong and Shanghai Banking Corporation) [Private Sector]
Mizuho Bank [Private Sector]
Standard Bank London Ltd [Private Sector]
Sumitomo Mitsui Banking Corporation Europe Limited [Private Sector]
Bank of China (BOC) [State-owned Commercial Bank]
Goldman Sachs Bank USA [Private Sector]
KBC Bank N.V. Dublin Branch [Private Sector]
Raiffeisen Zentralbank Osterreich AG [Private Sector]
BMO Financial Group (Bank of Montreal) [Private Sector]
N.M. Rothschild & Sons Limited [Private Sector]
J.P. Morgan [Private Sector]
WestLB AG [State-owned Bank]
The Bank of Tokyo-Mitsubishi, Ltd. (BTM) [Private Sector]
LRP Landesbank Rheinland-Pfalz [Private Sector]
Standard Chartered Bank PLC [Private Sector]
Bank of New York [Private Sector]
Commerzbank Aktiengesellschaft [Private Sector]
Crédit Agricole Group [Private Sector]
ING Bank N.V. [Private Sector]
Bayerische Landesbank (BayernLB) [State-owned Bank]
Erste Group Bank AG (Erste Group) [Private Sector]
Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG) [State-owned Bank]
Direct receiving agencies [Type]
South African Reserve Bank (SARB) [Government Agency]
Implementing agencies [Type]
South African Reserve Bank (SARB) [Government Agency]
Loan Details
Maturity
3 years
Interest rate
1.798%
Grant element (OECD Grant-Equiv)
6.9764%