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Overview

Bank of China contributes to $600 million syndicated, sustainability-linked term loan to Investec Bank for general corporate and refinancing purposes in November 2021 (Linked to Record ID#92682, #92683, #92684)

Commitments (Constant USD, 2023)$25,149,317
Commitment Year•2021Country of Activity•South AfricaDirect Recipient Country of Incorporation•South AfricaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 18, 2021
Last repayment
Nov 18, 2023

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Bank of America Corporation
  • BNP Paribas S.A.
  • Citibank, N.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Credit Europe Bank
  • HSBC Bank PLC
  • J.P. Morgan Securities PLC
  • Lloyds Bank Corporate Markets plc
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Bank of Taiwan
  • Canara Bank (Formerly Syndicate Bank)
  • Export-Import Bank of the Republic of China, Taipei
  • State Bank of India (SBI)
  • The National Bank of Ras Al Khaimah (RAKBANK)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)
  • Industrial and Commercial Bank of China (ICBC)

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

  • Investec Bank Limited

Implementing agencies

Private Sector

  • Investec Bank Limited

Loan desecription

In November 2021, Bank of China, ICBC, China Eximbank, and CCB contribute to USD 600 million syndicated term loan to Investec for general corporate and refinancing purposes.

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On November 18, 2021, Investec Bank Limited (“Investec”) and a group of 22 banks signed a $600 million syndicated, sustainability-linked term loan facility for general corporate and refinancing purposes. The proceeds of the loan are to be used by the borrower for general corporate purposes, including the refinancing of a $500,000,000 syndicated term loan facility that the borrower signed on November 17, 2020. This loan is the first sustainability-linked syndicated loan ever signed by Investec Bank Limited and the second for the Investec Group. The loan has a 2 year maturity (with the option of a 1-year extension). Coordinators, Bookrunners and Mandated Lead Arrangers include Abu Dhabi Commercial Bank PJSC; Bank of America; Industrial and Commercial Bank of China Limited, London Branch; SMBC Bank International plc; Standard Chartered Bank; and State Bank of India. Mandated Lead Arrangers included the Export-Import Bank of China; BNP Paribas S.A.; Canara Bank; China Construction Bank Corporation, Johannesburg Branch; Citibank N.A., London Branch; Commerzbank Aktiengesellschaft, Filiale Luxembourg; Credit Europe Bank N.V.; HSBC Bank plc – Johannesburg Branch; JP Morgan Securities plc; Lloyds Bank Corporate Markets plc; Mizuho Corporate Bank; MUFG Bank, Ltd; and the National Bank of Ras Al Khaimah (P.S.C.). Lead Arrangers included Bank of China; Bank of Taiwan, South Africa Branch; and the Export-Import Bank of the Republic of China. Bank of America acted as Documentation Agent and Commerzbank Aktiengesellschaft, Filiale Luxembourg acted as Facility Agent. Bank of China’s contribution is recorded in #92681; China Eximbank’s contribution is recorded in #92682, ICBC’s contribution is recorded in #92683, and CCB’s contribution is recorded in #92684.

Staff comments

1. The individual contributions of Bank of China, ICBC, China Construction Bank, and China Exim Bank are unknown. For the time being, AidData assumes equal contributions ($27,272,727) across the 22 banks that contributed to the $600 million syndicated loan. 2. Investec is an Anglo-South African international banking and wealth management group. It provides a range of financial products and services to a client base in Europe, Southern Africa, and Asia-Pacific. Investec is dual-listed on the London Stock Exchange and the Johannesburg Stock Exchange.