Agricultural Bank of China contributes to a $535 million USD syndicated loan to MDM Bank for trade financing
Commitment amount
$ 27224748.60616771
Adjusted commitment amount
$ 27224748.61
Constant 2021 USD
Summary
Funding agency [Type]
Agricultural Bank of China (ABC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
In July 2008, a syndicate of 29 banks — including the Agricultural Bank of China (ABC) — entered into a $535 million USD syndicated loan agreement to Russian bank MDM Bank. The loan contained two tranches: a $35 million USD “A” tranche holding a four-year maturity and a one year grace period, and a $500 million USD bullet term loan “B” tranche holding a one-year tenor and an interest rate based on a floating margin of 90 bps. Tranche “A” was fully provided by the International Finance Corporation (IFC), and was to be used for energy projects. Tranche “B”, the syndicated part of the loan, was to be used to support trade financings. 29 banks participated in the $535 million USD syndicated loan. Mandated lead arrangers and bookrunners were Calyon, Erste Bank, ING, and RZB. Mandated lead arrangers were Commerzbank, DZ Bank, Emirates NBD, Intesa Sanpaolo, Korea Development Bank, Sumitomo Mitsui Banking Corporation, and Wachovia Alpha Bank was a lead arranger. Bank of Ireland was an arranger. Agricultural Bank of Greece, Bradesco, First Gulf Bank and Piraeus Bank were co-arrangers. WGZ was the sole senior lead manager. ABC, Banco Itaú, Bank Leumi, Bank Muscat, Banque BIA, Citigroup, Pohjola Bank, State Bank of India and Zürcher Kantonalbank served as lead managers.
Additional details
1. The individual contribution of the 29 lenders to this $535 million USD syndicated loan is unknown, excepting IFC and its $35 million USD. For the time being, AidData has estimated the contribution of ABC by assuming that each lender contributed an equal amount ($17,857,142.8571 USD) to the $500 million tranche of the syndicated loan.
Number of official sources
0
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Banco Itaú [Private Sector]
Bank Leumi Le-Israel [Private Sector]
Bank Muscat [State-owned Bank]
Banque BIA [State-owned Commercial Bank]
Citigroup [Private Sector]
Pohjola Bank PLC [Private Sector]
State Bank of India (SBI) [State-owned Bank]
Zürcher Kantonalbank [State-owned Bank]
Agricultural Bank of Greece [State-owned Commercial Bank]
Banco Bradesco BBI. S.A. [Private Sector]
First Gulf Bank (FGB) [State-owned Bank]
Piraeus Bank S.A. [Private Sector]
Alpha Bank S.A. [Private Sector]
Bank of Ireland Group plc [Private Sector]
International Finance Corporation (IFC) [Intergovernmental Organization]
Erste Bank [Private Sector]
Raiffeisen Bank [Private Sector]
Commerzbank [Private Sector]
DZ Bank AG [Private Sector]
Emirates NBD Bank PJSC [State-owned Bank]
Intesa Sanpaolo S.P.A. [Private Sector]
Korea Development Bank (KDB) [State-owned Bank]
Wachovia Bank, N.A. [Private Sector]
Sumitomo Mitsui Banking Corporation Group (SMBC Group) [Private Sector]
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI)) [Private Sector]
ING Group N.V. [Private Sector]
Direct receiving agencies [Type]
MDM Bank [Private Sector]
Loan Details
Maturity
1 years