ICBC participates in EUR 670.5 million syndicated loan tranche to Garanti Bank BBVA for trade finance and general corporate purposes (Linked to#92361,92366)

On May 2, 2018, Garanti BBVA (also known as Garanti Bank and Turkiye Garanti Bankası A.Ş.) signed a syndicated (dual tranche dual currency) loan facility agreement with a 38 group of banks from 17 countries — including Industrial and Commercial Bank of China (ICBC) — for trade finance and general corporate purposes. The May 2018 syndicated loan was divided into three tranches: a $457 million tranche with a maturity of 1-year and an interest rate of LIBOR plus a 1.3% margin (captured in Project#92361), an EUR 670.5 million tranche with a maturity of 1 year and an interest rate of EURIBOR plus a 1.2% margin (captured in Project#92365), and a $145 million tranche with a 2-year maturity and an interest rate of LIBOR plus a 2.1% margin (captured in Project#92366) Participants in the loan syndicate included Bank of America Merrill Lynch, ICBC, ING, Bank of New York Mellon, BNP Paribas, Citigroup, Commerzbank, Deutsche Bank, First Abu Dhabi Bank, Goldman Sachs, HSBC, JP Morgan, Mizuho, MUFG, Société Générale, Standard Chartered, Sumitomo Mitsui Financial Group, UniCredit, and Wells Fargo.

Additional details

1. The all-in interest rate (3.8%) for the $457 million tranche has been calculated by adding 1.3% to average 6-month Libor in May 2018 (2.5%). The all interest rate (0.93%) for the EUR 670.5 million tranche has been calculated by adding 1.2% to average 6-month Euribor (-0.270%) in May 2018. The all-in interest rate (4.6%) for the $145 million tranche has been calculated by adding 2.1% to average 6-month Libor in May 2018 (2.5%). 2. The size of ICBC contribution to the $457 million syndicated loan tranche is unknown. For the time being, AidData assumes equal contributions ($12,026,315) across the 38 known participants in the loan syndicate. The size of ICBC contribution to the EUR 670.5 million syndicated loan tranche is unknown. For the time being, AidData assumes equal contributions (EUR 17,644,736) across the 38 known participants in the loan syndicate. The size of ICBC contribution to the $145 million syndicated loan tranche is unknown. For the time being, AidData assumes equal contributions ($3,815,789) across the 38 known participants in the loan syndicate. 3. Garanti BBVA is a Turkish financial services company based in Turkey. 86% of Garanti's stakes are owned by the Spanish bank Banco Bilbao Vizcaya Argentaria.

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