ICBC contributes to EUR 848.5 million syndicated loan tranche to Ziraat Bank for on-lending purposes (Linked to Project ID#67246, ##67245, #91173, #91177, #91183)
Commitment amount
$ 26692904.927650724
Adjusted commitment amount
$ 26692904.93
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Türkiye
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On March 29, 2019, Türkiye Ziraat Bankası A.Ş. (Ziraat Bank) signed a $1.425 billion syndicated loan agreement with a group of 40 banks — including Bank of China, China Development Bank, and the Industrial and Commercial Bank of China (London) — for on-lending purposes. The loan was divided into two tranches: a $529.5 million tranche with a 1-year maturity and an interest rate of LIBOR plus 165-225 basis points (depending on Ziraat Bank's rating at the time of maturity), and an EUR 848.5 million tranche with a 1-year maturity and an interest rate of EURIBOR plus 165-225 basis points (depending on Ziraat Bank's rating at the time of maturity). ICBC, CDB, and Bank of China’s estimated contributions to the $529.5 million tranche are captured via Project ID#91177, Project ID#91173, and Project ID#67245, respectively. ICBC, CDB, and Bank of China’s estimated contributions to the EUR 848.5 million million tranche are captured via Project ID#91184, Project ID#91183, and Project ID#67246, respectively.
Additional details
1. AidData has estimated the all-interest rate (4.625%) of the $529.5 million syndicated loan tranche by adding 1.95% (the midpoint between 1.65% and 2.25%) to average 6-month LIBOR in March 2019 (2.675%). 2. AidData has estimated the all-interest rate (1.72%) of the EUR 848.5 million syndicated loan tranche by adding 1.95% (the midpoint between 1.65% and 2.25%) to average 6-month EURIBOR in March 2019 (-0.230%). 3. The individual contributions of ICBC, Bank of China and CDB to the $529.5 million syndicated loan tranche are unknown. For the time being, AidData assumes equal contributions ($13,237,500) across the 40 participants in the loan syndicate. 4. The individual contributions of ICBC, Bank of China and CDB to the EUR 848.5 million syndicated loan tranche are unknown. For the time being, AidData assumes equal contributions (EUR 21,212,500) across the 40 participants in the loan syndicate.
Number of official sources
4
Number of total sources
5
Details
Cofinanced
Yes
Cofinancing agencies [Type]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
Cargill Financial Services [Private Sector]
J.P. Morgan Securities PLC [Private Sector]
Sumitomo Mitsui Banking Corporation Group (SMBC Group) [Private Sector]
BNP Paribas S.A. [Private Sector]
Citibank N.A., London Branch [Private Sector]
Commerzbank Aktiengesellschaft [Private Sector]
Filiale Luxemburg (Commerzbank) [Private Sector]
Societe Generale [Private Sector]
UniCredit Bank Austria AG [Private Sector]
Standard Chartered Bank PLC [Private Sector]
Mizuho Bank [Private Sector]
ING Bank N.V. [Private Sector]
Deutsche Bank [Private Sector]
Bank of Bahrain and Kuwait [Private Sector]
Goldman Sachs Bank USA [Private Sector]
Jordan Commercial Bank [Private Sector]
KBC Group N.V. [Private Sector]
Mashreqbank PSC [Private Sector]
National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK) [State-owned Bank]
Raiffeisen Bank International AG [Private Sector]
Banka Kombëtare Tregtare [Private Sector]
PASHA Bank [Private Sector]
Credit Europe Bank [Private Sector]
Zürcher Kantonalbank [State-owned Bank]
Anadolubank Nederland N.V. [Private Sector]
Bank AL Habib Limited [Private Sector]
Credit Suisse [Private Sector]
Banco de Crédito e Inversiones [Private Sector]
Abu Dhabi Commercial Bank PJSC (ADCB) [State-owned Bank]
Housing Bank for Trade and Finance [Private Sector]
BPER Banca S.p.A. [Private Sector]
China Development Bank (CDB) [State-owned Policy Bank]
Bank of China (BOC) [State-owned Commercial Bank]
HSBC Bank PLC [Private Sector]
Emirates NBD Bank PJSC [State-owned Bank]
CaixaBank, S.A. (Formerly Criteria CaixaCorp) [Private Sector]
Intesa Sanpaolo S.P.A. [Private Sector]
Arab Banking Corporation (Bank ABC) [State-owned Bank]
Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB)) [State-owned Bank]
DZ Bank AG [Private Sector]
Direct receiving agencies [Type]
Türkiye Ziraat Bankası A.Ş. (Ziraat Bank) [State-owned Bank]
Loan Details
Maturity
1 years
Interest rate
1.72%
Grant element (OECD Grant-Equiv)
2.0166%