Overview

China Eximbank contributes USD 9.25 million to USD 200 million syndicated loan for Rizal Commercial Banking Corporation for refinancing purposes

Commitments (Constant USD, 2023)$9,564,234

Commitment Year•2013Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 1, 2013

Last repayment (originally scheduled): Sep 1, 2014

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 Policy Banks

Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

Bank of East Asia Limited (BEA)
Commerzbank Aktiengesellschaft (Commerzbank AG)
CTBC Bank (formerly Chinatrust Commercial Bank)
Doha Bank Q.P.S.C.
ING Bank N.V.
Mega International Commercial Bank Co., Ltd. (formerly International Commercial Bank of China)
Raiffeisen Bank International AG
Standard Chartered Bank PLC
United Overseas Bank Limited (UOB)

State-owned Banks

Emirates NBD Bank P.J.S.C.
First Gulf Bank (FGB)
Korea Development Bank (KDB)
Taiwan Cooperative Bank

Receiving agencies

Private Sector

Rizal Commercial Banking Corporation (RCBC)

Loan description

China Eximbank contributes USD 9.25 million to USD 200 million syndicated loan for Rizal Commercial Banking Corporation for refinancing purposes in 2013

Grant element•3.7461%Interest rate (t₀)•1.78%Interest type•Fixed Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

In September 2013, the Export-Important Bank of China (China Eximbank) contributed USD 9.25 million to a USD 200 million syndicated loan for Rizal Commercial Banking Corporation, a private bank in the Philippines. The book-runner, Standard Chartered, provided USD 10 million to the syndicate. Each mandated lead arranger provided USD 17 million; this group included Bank of East Asia, Commerzbank, CTBC Financial Holding, Doha Bank, First Gulf Bank, ING, Korea Development Bank, Raiffeisen Bank International, and United Overseas Bank. Lead arrangers each contributed USD 9.25 million; lead arrangers included Emirates NBD, China Eximbank, Mega International Commercial Bank, and Taiwan Cooperative Bank. This loan carried the following borrowing terms: a one-year maturity and an interest rate of LIBOR plus a 1.4% margin. The loan was intended for refinancing purposes.

Staff comments

1. AidData has estimated the interest rate by adding 1.4% to the average six-month LIBOR in September 2013 (0.380%).