China Development Bank contributes to a syndicated loan tranche of USD 356 million to Akbank for debt refinancing (linked to #67033, #67032, and #91598)
Commitment amount
$ 11764382.146376608
Adjusted commitment amount
$ 11764382.15
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Türkiye
Sector
Action relating to debt (Code: 600)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
In March 2019, China Development Bank participated in a syndicated loan facility, along with 34 other banks, worth a total of USD 700 million for Turkey's Akbank for refinancing previous debts. The loan is divided into two tranches, a USD 356 million tranche (captured in this project and project ID #67032), with an interest rate of LIBOR + 250 basis points, and a tranche of EUR 303 million (captured in project #67033 and #91598), with an interest rate of EURIBOR + 240 basis points. Both tranches of the loan have a maturity of 367 days. AidData estimates China Development Bank's contribution to be $10,470,588. One of the other 33 banks that contributed to this tranche of the loan was Bank of China (captured in project ID #67032)
Additional details
1. On Mar 1, 2019, the 6-month Libor rate was 2.68%. Accordingly, AidData has calculated the interest rate of this syndicated loan as (2.68 + 2.5) 5.18 percent. 2. The exact size of CDB's contribution is unknown. For the time being, AidData assumes that all 34 members of the lending syndicate contributed equal amounts ($10,470,588) to the 356 million dollar tranche.
Number of official sources
2
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
BNP Paribas S.A. [Private Sector]
Citigroup [Private Sector]
Commerzbank Aktiengesellschaft [Private Sector]
ING Bank N.V. [Private Sector]
JPMorgan Chase Bank [Private Sector]
Mizuho Bank [Private Sector]
Societe Generale [Private Sector]
Deutsche Bank [Private Sector]
Sumitomo Mitsui Banking Corporation Group (SMBC Group) [Private Sector]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK) [State-owned Bank]
Abu Dhabi Commercial Bank PJSC (ADCB) [State-owned Bank]
Askari Bank Limited [Private Sector]
Bank of Bahrain and Kuwait [Private Sector]
Bankinter [Private Sector]
Credit Suisse [Private Sector]
Goldman Sachs Bank USA [Private Sector]
Habib Bank Limited (HBL) [Private Sector]
Mashreqbank PSC [Private Sector]
ODDO BHF [Private Sector]
mBank [Private Sector]
Zürcher Kantonalbank [State-owned Bank]
Bank of America Merrill Lynch International Limited [Private Sector]
Standard Chartered Bank PLC [Private Sector]
Bank of China (BOC) [State-owned Commercial Bank]
BPER Banca S.p.A. [Private Sector]
Emirates NBD Bank PJSC [State-owned Bank]
CaixaBank, S.A. (Formerly Criteria CaixaCorp) [Private Sector]
Intesa Sanpaolo S.P.A. [Private Sector]
Gulf International Bank B.S.C. (GIB) [Joint Venture/Special Purpose Vehicle]
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]
Akbank T.A.Ş. [Private Sector]
Loan Details
Maturity
1 years
Interest rate
5.18%
Grant element (OECD Grant-Equiv)
2.1504%