CDB, Bank of China and ICBC Standard Bank Plc contribute to EUR 597 million syndicated loan with Ziraat Bank for trade financing and debt refinancing purposes in April 2020 (linked to project #96131)

On April 9, 2020, Türkiye Ziraat Bankası A.Ş. (Ziraat Bank) signed a $415,000,000 syndicated loan agreement (captured in project #96131) and a EUR 597,000,000 syndicated loan agreement (captured here) with a group of 38 banks — including Bank of China, China Development Bank, and ICBC Standard Bank Plc — for general trade finance and refinancing purposes. The $415,000,000 loan carried an interest rate a 1 year (367 days) and an interest rate of LIBOR plus a 1.85% margin. The EUR 597,000,000 loan carried an interest rate a 1 year (367 days) and an interest rate of EURIBOR plus a 1.6% margin. Emirates NBD Capital Limited acted as Documentation Agent and Mizuho Bank acted as Facility Agent for the facility. Participating banks included 7 Bookrunning Mandated Lead Arrangers, 9 Lead Arrangers and 22 Arrangers. Bookrunners and Mandated Lead Arrangers: Abu Dhabi Commercial Bank PJSC, China Development Bank Hong Kong Branch, Emirates NBD Capital Limited, Societe Generale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, The Saudi National Commercial Bank. Lead Arrangers: Bank of China Limited, Grand Cayman Branch, Citibank, N.A., Jersey Branch, Commerzbank Aktiengesellschaft, Filiale Luxemburg, Deutsche Bank AS, Turkey, ING Wholesale Banking,ING, J.P. Morgan Securities plc, Mizuho Bank, Ltd., UniCredit. Arrangers: ABC International Bank plc, Anadolubank Nederland N.V., Attijariwafa bank Europe, Banka Kombëtare Tregtare Sh.a., Barclays Bank PLC, BNP Paribas, BPER Bank Luxembourg S.A., CaixaBank, S.A., DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Erste Group Bank AG, Goldman Sachs International, Habib Bank AG Zurich, UAE, Habib Bank Limited, HSBC Bank Plc, ICBC Standard Bank Plc, Intesa Sanpaolo S.p.A., London Branch, KBC Bank NV, MUFG Bank, Ltd., ODDO BHF Aktiengesellschaft, Raiffeisen Bank International AG, The Housing Bank for Trade and Finance, and Zürcher Kantonalbank.

Additional details

1. Ziraat Bank, incorporated in 1863, is one of the leading and well-established banks in Turkey, being 100% state owned through Türkiye Wealth Fund. It is ranked first in the sector with regard to the asset size, loan - deposit portfolio, shareholders equity and profitability. 2. The individual contributions of the 3 Chinese state-owned lenders (Bank of China, China Development Bank, and ICBC Standard Bank Plc) to the $415,000,000 syndicated loan are unknown. For the time being, AidData assumes equal contributions ($10,921,052) across the 38 participants in the syndicate loan. AidData has therefore estimated the joint financial contribution of 3 Chinese state-owned lenders as $32,763,157. 3. The individual contributions of the 3 Chinese state-owned lenders (Bank of China, China Development Bank, and ICBC Standard Bank Plc) to the EUR 597,000,000 syndicated loan are unknown. For the time being, AidData assumes equal contributions (EUR 15,710,526) across the 38 participants in the syndicate loan. AidData has therefore estimated the joint financial contribution of 3 Chinese state-owned lenders as EUR 47,131,578. 4. AidData has estimated the all-in interest rate of the USD-denominated loan by adding 1.85% to average 6-month LIBOR in April 2020 (1.068%). 5. AidData has estimated the all-in interest rate of the EUR-denominated loan by adding 1.85% to average 6-month EURIBOR in April 2020 (-0.192%)

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