Bank of China (Hong Kong Branch) contributes $10 million USD to $210 million syndicated loan for Bank of India in May 2008
Commitment amount
$ 15245859.21949051
Adjusted commitment amount
$ 15245859.22
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (Hong Kong) Limited (BOCHK) [State-owned Commercial Bank]
Recipient
India
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On May 6, 2008, a $210 million USD syndicated loan for the Bank of India was signed. The facility was oversubscribed and upsized from $100 million USD due to an overwhelming market response. Original mandated leaders and bookrunners included the Bank of Tokyo-Mitsubishi UFJ, DZ Bank, HSBC, Intesa Sanpaolo and Sumitomo Mitsui Banking Corporation. Each of these bookrunners committed $15 million USD each. Equal status arrangers for the loan included Chinatrust Commercial Bank, First Commercial Bank, KommunalKredit International Bank and Unicredit with holds of $14.5 million USD each. Lead arrangers Bank of China (Hong Kong branch), Bank of Taiwan, Banques des Mascareignes, Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan provided $10 million USD each. Arrangers for the syndicated loan included Cathay United Bank, Shanghai Commercial and Savings Bank and Shin Kong Commercial Bank. Each provided $5 million USD. Bank of Kaohsiung, whose role is unspecified, provided $3 million USD. The loan carried a maturity period of three years, was a bullet deal, and carried an interest rate of 3.756% (average 6-month LIBOR in May 2008 + a margin of 90 basis points). The loan proceeds were for general corporate purposes.
Additional details
1. This loan carried a 3.756% interest rate (AidData calculated the interest rate as follows: 2.856% [average 6-month LIBOR in May 2008] + 0.9% [90 basis points] = 3.756%).
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
DZ Bank AG [Private Sector]
HSBC [Private Sector]
Intesa Sanpaolo S.P.A. [Private Sector]
Sumitomo Mitsui Banking Corporation [Private Sector]
Chinatrust Commercial Bank [Private Sector]
First Commercial Bank Limited [Private Sector]
Kommunalkredit International Bank Limited [Private Sector]
UniCredit S.p.A. [Private Sector]
Bank of Taiwan [State-owned Bank]
Banque Internationale Des Mascareignes [Private Sector]
Chang Hwa Commercial Bank Limited [Private Sector]
Land Bank of Taiwan Co., Ltd. (LBOT) [State-owned Bank]
Taiwan Shin Kong Commercial Bank [Private Sector]
Bank of Kaohsiung (BOK) [Government Agency]
Cathay United Bank [Private Sector]
Hua Nan Commercial Bank, Ltd. (HNCB) [Private Sector]
The Shanghai Commercial & Savings Bank, Ltd. (SCSB) [Private Sector]
Direct receiving agencies [Type]
Bank of India (BOI) [State-owned Company]
Loan Details
Maturity
3 years
Interest rate
3.756%
Grant element (OECD Grant-Equiv)
4.2894%