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Overview

Bank of China contributes $5.5 million USD to $100 million USD syndicated loan to India’s Corporation Bank in July 2006

Commitments (Constant USD, 2023)$10,320,839
Commitment Year•2006Country of Activity•IndiaDirect Recipient Country of Incorporation•IndiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 6, 2006
Last repayment (originally scheduled)
Jul 6, 2007

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

  • Banca Nazionale del Lavoro S.p.A., Hong Kong
  • BNP Paribas S.A.
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • DBS Bank Ltd.
  • DZ Bank AG
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • Lloyds Bank plc (formerly Lloyds TSB Bank PLC)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
  • Standard Chartered Bank PLC
  • United Overseas Bank Limited (UOB)

Receiving agencies

Private Sector

  • Corporation Bank Ltd.

Loan description

Bank of China contribution to USD 100 million syndicated loan to India’s Corporation Bank in July 2006

Grant element•1.9054%Interest rate (t₀)•5.702%Interest type•Fixed Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On July 6, 2006, India’s Corporation Bank signed a $100 million USD syndicated loan with a group of 11 banks. Mandated lead arrangers included Calyon, DZ Bank (Singapore) and Lloyds TSB Bank (London) contributing $14.75 million each, DBS Bank contributing $13 million, and BNP Paribas and Standard Chartered Bank contributing $7.625 each. Co-arrangeres included United Overseas Bank contributing $7 million, Banca Nazionale del Lavoro (Hong Kong) and Oversea-Chinese Banking Corporation providing $6 million each, and Bank of China contributing $5.5 million. The lead manager, Banca Intesa (Hong Kong), contributed $3 million. The loan carries a one year maturity period and has an interest rate of 5.702% (average 6-month LIBOR + 12 basis points). The proceeds of the loan were to be used for working capital purposes.

Staff comments

1. This loan carried a 5.702% interest rate (AidData calculated the interest rate as follows: 5.582% [average 6-month LIBOR in July 2006] + 0.12% [12 basis points] = 5.702%).