Bank of Communications contributes USD 42 million to USD 1 billion syndication loan to VietinBank (Linked to Project ID#98407)
Commitment amount
$ 42000000.0
Adjusted commitment amount
$ 42000000.0
Constant 2021 USD
Summary
Funding agency [Type]
China Bank of Communications (BoCom or BoComm) [State-owned Commercial Bank]
Recipient
Vietnam
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
In November 2021, Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) entered into a USD 1 billion syndicated loan agreement with twenty members. Mandated lead arrangers and book-runners included HSBC, Sumitomo Mitsui Banking Corporation (SMBC), Taipei Fubon Commercial Bank, and UOB. Mandated lead arrangers included OCBC Bank, Amret Microfinance Institution, National Bank of Kuwait, Bank of Communications, and Bank of Baroda. Senior lead arrangers included CTBC Bank, Hua Nan Commercial Bank, State Bank of India, and UCO Bank. Lead arrangers included First Commercial Bank, Export-Import Bank of China (China Eximbank), Korea Development Bank, Hyakugo Bank, BDO Unibank, E. Sun Commercial Bank, and Erste Group Bank. The loan was oversubscribed during syndication. This loan carried a maturity period of one year and an interest rate of LIBOR plus a margin of 86 basis points. Bank of Communications' contribution of USD 42 million is captured in Project ID #98406. China Eximbank's contribution of USD 18.75 million is captured in Project ID #98407.
Additional details
1. AidData has estimated the interest rate by adding 0.86% to the average six-month LIBOR in November 2021 (0.230%).
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
HSBC Bank PLC [Private Sector]
Sumitomo Mitsui Banking Corporation [Private Sector]
Taipei Fubon Commercial Bank Co., Ltd. (Taipei Fubon Bank) [Private Sector]
United Overseas Bank Limited (UOB) [Private Sector]
Oversea-Chinese Banking Corporation, Limited (OCBC Bank) [Private Sector]
Amret Microfinance Institution [Private Sector]
National Bank of Kuwait S.A.K. (NBK) [Private Sector]
Bank of Baroda [Private Sector]
CTBC Bank [Private Sector]
State Bank of India (SBI) [State-owned Bank]
UCO Bank [State-owned Bank]
First Commercial Bank Limited [Private Sector]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Korea Development Bank (KDB) [State-owned Bank]
The Hyakugo Bank, Ltd. [Private Sector]
Banco de Oro (BDO) [Private Sector]
Erste Group Bank AG (Erste Group) [Private Sector]
E.SUN Commercial Bank, Ltd. [Private Sector]
Hua Nan Commercial Bank, Ltd. (HNCB) [Private Sector]
Direct receiving agencies [Type]
Vietnam Bank for Industry and Trade (VietinBank) [State-owned Bank]
Loan Details
Maturity
1 years
Interest rate
1.09%
Grant element (OECD Grant-Equiv)
2.7684%