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Overview

Bank of China contributes to a $1.6 billion AUD loan for FSS Liberty Trust for general corporate purposes (Linked to Record ID#93900)

Commitments (Constant USD, 2023)$133,606,902
Commitment Year•2018Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 27, 2018

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

  • Australia and New Zealand Banking Group (ANZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Royal Bank of Canada (RBC)
  • United Overseas Bank Limited (UOB)
  • Westpac Banking Corporation

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • FSS Liberty Trust

Loan description

2018 ICBC and Bank of China contributions to a $1.6 billion AUD loan for FSS Liberty Trust for general corporate purposes in Australia

Interest type•Unknown

Narrative

Full Description

Project narrative

Between September 21 and 27, 2018, a syndicate of nine banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — signed a $1.6 billion AUD facility (loan) agreement with FSS Liberty Trust, an Australian fixed unit trust wholly owned by Aware Super (formerly the First State Superannuation Scheme). The proceeds of this loan were intended for FSS Liberty Trust's general corporate purposes. In addition to BOC and ICBC, the following banks contributed to this syndicated loan: Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), MUFG Bank, Ltd., United Overseas Bank Limited (UOB), Westpac Banking Corporation, National Australia Bank Limited (NAB), and Royal Bank of Canada (RBC). NAB and RBC served as joint bookrunners and mandated lead arrangers; the other banks joined during syndication. Record ID#93899 captures BOC's contribution to the syndicated loan. Record ID#93900 captures ICBC's contribution to the syndicated loan.

Staff comments

1. The individual contribution of the nine lenders to this $1.6 billion AUD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($177,777,777.778 AUD) to the syndicated loan