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Overview

ICBC contributes to EUR 2.25 billion syndicated loan to Qatar National Bank for general corporate purposes

Commitments (Constant USD, 2023)$193,871,499
Commitment Year•2016Country of Activity•QatarDirect Recipient Country of Incorporation•QatarOverseas Jurisdiction•QatarSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 29, 2016
Last repayment (originally scheduled)
May 29, 2019

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Banque Internationale à Luxembourg S.A. (BIL)
  • Credit Agricole S.A. (Crédit Agricole Group)
  • Doha Bank Q.P.S.C.
  • Filiale Luxemburg (Commerzbank)
  • ING Bank N.V.
  • Shinkin Central Bank (SCB)
  • Société Générale S.A. (SocGen or Societe Generale)
  • UniCredit Bank AG
  • Unione di Banche Italiane S.p.A. (UBI Banca)

State-owned Banks

  • Banque et Caisse d'Épargne de l'État (Spuerkeess)
  • Korea Development Bank (KDB)
  • State Bank of India (SBI)
  • Zurich Cantonal Bank (Zürcher Kantonalbank (ZKB))

Receiving agencies

State-owned Banks

  • Qatar National Bank Q.P.S.C. (QNB)

Loan description

May 2016 €2.25 billion EUR syndicated loan from ICBC and others to Qatar National Bank for general corporate purposes

Interest rate (t₀)•0.901%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•3 years

Narrative

Full Description

Project narrative

On May 29, 2016, Industrial and Commercial Bank of China (ICBC), through its Doha branch, contributed to a EUR 2.25 billion senior unsecured term loan facility to Qatar National Bank (QNB) for general corporate purposes. The loan had a maturity date of 3 years and an interest rate of 105 bps (1.05%) plus contemporary EURIBOR. The lending syndicate included Credit Agricole and Société Générale as initial mandated lead arrangers (MLAs), underwriters, and bookrunners, ING Bank N.V. as an additional initial mandated lead arranger (MLA), Industrial and Commercial Bank of China (ICBC) and UniCredit Bank as mandated lead arrangers (MLAs), Filiale Luxemburg (Commerzbank) as arranger, and Banque et Caisse d'Épargne de l'État (Spuerkeess), Banque Internationale à Luxembourg, Korea Development Bank (KDB), Shinkin Central Bank (SCB), State Bank of India (SBI), Unione di Banche Italiane S.p.A. (UBI Banca), and Zürcher Kantonalbank as managers. The loan was originally offered as a EUR 1.5 billion facility, but was oversubscribed up to EUR 2.25 billion due to higher than expected demand from lenders. Then, starting as early as September 19, 2018, and finishing by March 6, 2019, QNB negotiated with lenders to refinance the loan facility (captured in Record ID#98849).

Staff comments

1. For the time being, AidData is estimating the loan's interest rate (0.909%) by adding the reported margin rate (105bps/1.05%) to the contemporary average 6-month EURIBOR rate (-0.141%). EURIBOR information is taken from this source: https://www.euribor-rates.eu/en/euribor-rates-by-year/2016/ 2. For the time being, AidData is estimating Industrial and Commercial Bank of China's (ICBC) contribution (EUR 160.7 million) to the lending syndicate by dividing the total amount of financing (EUR 2.25 billion) by the number of lenders (14).