China Development Bank contributes to a syndicated loan tranche of EUR 303 million for Akbank debt refinancing (linked to #67032, #91597, #67033)
Commitment amount
$ 11214183.57994863
Adjusted commitment amount
$ 11214183.58
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 33 other banks, of the equivalent of USD 700 million to Turkey's Akbank for refinancing previous debts. The loan is divided into two tranches, a USD 356 million tranche (captured in projects #67032 and #91597), with an interest rate of LIBOR + 250 basis points, and a tranche of EUR 303 million (captured in this project and project ID #67033), 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 the EUR 303 million tranche to be EUR 8,911,764. One of the other 33 banks that contributed to this tranche of the loan was Bank of China (captured in project ID #67033).
Additional details
1. 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 (EUR 8,911,764) to the 303 million Euro tranche.
Number of official sources
1
Number of total sources
2
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Bank of China (BOC) [State-owned Commercial Bank]
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 [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]
DZ Bank AG [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]
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]
Direct receiving agencies [Type]
Akbank T.A.Ş. [Private Sector]
Loan Details
Maturity
1 years
Interest rate
2.17%
Grant element (OECD Grant-Equiv)
3.5631%