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Overview

ICBC contributes to $500 million syndicated loan to Credit Bank of Moscow in 2014 for unspecified purposes

Commitments (Constant USD, 2023)$30,161,519
Commitment Year•2014Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 1, 2014
Last repayment (originally scheduled)
Aug 30, 2015

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • AO UniCredit Bank
  • Citigroup Inc.
  • Credit Europe Bank
  • HSBC Bank PLC
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • KBC Group N.V.
  • Morgan Stanley
  • Oberbank AG
  • Raiffeisen Bank International AG
  • Rosbank
  • Unione di Banche Italiane S.p.A. (UBI Banca)

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Sberbank
  • VTB Bank

Receiving agencies

Private Sector

  • Credit Bank of Moscow

Loan description

ICBC contribution to $500 million syndicated loan in 2014 to Credit Bank of Moscow for unspecified purposes

Interest rate (t₀)•2.0805%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•1.5 years

Narrative

Full Description

Project narrative

In March 2014, Credit Bank of Moscow — the third largest privately-owned commercial bank in Russia — signed a $500 million syndicated loan (trade finance) agreement with 17 banks (including the Industrial and Commercial Bank of China). The loan was provided in two tranches: a $250 million tranche with a 1-year maturity and a $250 million tranche with a 1.5 year maturity. These loan tranches carried interest rates of 6-month LIBOR plus a 1.75% margin and 6-month LIBOR plus a 1.95% margin, respectively. Commerzbank and ING acted as joint coordinators as well as bookrunners and mandated lead arrangers alongside HSBC, Raiffeisen Bank, Rosbank, Sberbank and VTB. They were joined by Citigroup, the Industrial and Commercial Bank of China (ICBC) and ZAO UniCredit as lead arrangers and BayernLB, Credit Europe Bank, Intesa Sanpaolo, KBC, Morgan Stanley, Oberbank and UBI Banca International as arrangers.

Staff comments

1. The size of ICBC’s contribution to the loan syndicate is unknown. For the time being, AidData assume equal contributions ($29.41 million) to the loan syndicate across the 17 participating banks. 2. It is unknown if ICBC contributed to the first tranche, the second tranche, or both tranches. For the time being, AidData relies on the second tranche’s borrowing terms. AidData estimates the all-in interest rate by adding 1.95% to the average 6-month LIBOR rate in March 2014 (0.331%).