Overview

Industrial and Commercial Bank of China participates in USD 250 million syndicated loan to No Va Land Investment Group

Commitments (Constant USD, 2023)$18,538,457

Commitment Year•2019Country of Activity•Viet NamDirect Recipient Country of Incorporation•Viet NamSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 1, 2019

Last repayment (originally scheduled): May 1, 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

Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

Cathay United Bank
Credit Suisse AG
Entie Commercial Bank
Far Eastern International Bank (FEIB)
King's Town Bank
Maybank International (L) Limited
Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
Sinopac Capital International
Taichung Commercial Bank
Taishin International Bank (Taishin Bank)
Taiwan Business Bank (TBB)
Union Bank of Taiwan (UBOT)

State-owned Banks

Taiwan Cooperative Bank

Receiving agencies

Private Sector

No Va Land Investment Group (Novaland)

Loan description

ICBC and Sinopac Capital International contribution to USD 250 million syndicated loan to No Va Land Investment Group

Grant element•5.4934%Interest rate (t₀)•6.15238%Interest type•Variable Interest RateMaturity•3.5 years

Narrative

Full Description

Project narrative

In November 2019, Industrial and Commercial Bank of China participated in a USD 250 million syndicated loan to No Va Land Investment Group. The loan had a 42 month term and carried an interest rate of 425 basis points over LIBOR. Credit Suisse, Industrial and Commercial Bank of China, Taichung Commercial Bank, Taiwan Business Bank, and Taiwan Cooperative Bank participated as mandated lead arrangers and bookmakers (MLABs). OCBC was a mandated lead arranger, and Union Bank of Taiwan participated as lead arranger. Cathay United Bank, King’s Town Bank, Maybank, and Taishin International Bank joined as arrangers. Entie Commercial Bank, Far Eastern International Bank, and Sinopac Capital International participated as managers.

Staff comments

1. AidData assumes equal contributions from all participants in a syndicate. USD 250 million divided by 14 participants is USD 17.86 million from each lender. 2. The November 2019 average LIBOR rate was 1.541%. 1.541% plus 425 basis points is an interest rate of 5.791%.