China Construction Bank contributes $36 million to $1.5 billion syndicated loan to help South African Reserve Bank and National Treasury support the country’s foreign currency position
Commitment amount
$ 90523359.62687913
Adjusted commitment amount
$ 90523359.64
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 30, 2001, a group of banks including China Construction Bank (CCB) signed a $1.5 billion loan facility agreement with the South African Reserve Bank (SARB) and the South African National Treasury to support the country’s foreign currency position. There were four types of lenders in the syndicate: Lead Arrangers committed $69 million, Co-Arrangers committed $36 million, Senior Lead Managers committed to $23 million, and Lead Managers committed $12 million. As a Co-Arranger, CCB committed $36 million. The facility carried the following terms: a 3 year maturity and a 4.601% interest rate (3-month LIBOR plus 850 basis points). It is unclear whether SARB or the National Treasury ever drew down this facility.
Additional details
1. AidData calculated the all-in interest rate as follows: 3.751% (3-month LIBOR in July 2001) + 0.85% (given margin) = 4.601%
Number of official sources
3
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Bayerische Hypo- und Vereinsbank AG [Private Sector]
BHF Bank [Private Sector]
BNP Paribas S.A. [Private Sector]
Deutsche Bank [Private Sector]
Dresdner Kleinwort [Private Sector]
Goldman Sachs Bank USA [Private Sector]
HSBC (Hong Kong and Shanghai Banking Corporation) [Private Sector]
JPMorgan Chase Bank, N.A. (Chase Bank) [Private Sector]
Mizuho Bank [Private Sector]
Morgan Stanley [Private Sector]
Standard Bank London Ltd [Private Sector]
UBS AG [Private Sector]
DGB Dekabank [Private Sector]
Raiffeisen Zentralbank Osterreich AG [Private Sector]
Sanwa Bank Limited [Private Sector]
Sumitomo Mitsui Banking Corporation [Private Sector]
Bank of Montreal Europe plc [Private Sector]
Banque Internationale Des Mascareignes [Private Sector]
Kredietbank ABB Insurance CERA Bank (KBC) [Private Sector]
Natexis Banques Populaires [Private Sector]
Bank of Taiwan [State-owned Bank]
WestLB AG [State-owned Bank]
The Bank of Tokyo-Mitsubishi, Ltd. (BTM) [Private Sector]
LRP Landesbank Rheinland-Pfalz [Private Sector]
Commerzbank Aktiengesellschaft [Private Sector]
Crédit Agricole Group [Private Sector]
Bayerische Landesbank (BayernLB) [State-owned Bank]
Erste Group Bank AG (Erste Group) [Private Sector]
Citibank N.A. [Private Sector]
Direct receiving agencies [Type]
South African Reserve Bank (SARB) [Government Agency]
Implementing agencies [Type]
South Africa National Treasury [Government Agency]
South African Reserve Bank (SARB) [Government Agency]
Loan Details
Maturity
3 years
Interest rate
4.601%
Grant element (OECD Grant-Equiv)
3.1298%