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Overview

ICBC contributes to $250 million tranche 1 of $590 million loan to Abu Dhabi Commercial Bank (Linked to Record ID#98962, #98963, #98964, #98966, #98968)

Commitments (Constant USD, 2023)$15,723,380
Commitment Year•2018Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 1, 2018
Last repayment (originally scheduled)
Aug 31, 2021

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

  • Mizuho Bank, Ltd.

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)
  • Bank of China (BOC)

Receiving agencies

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)

Loan description

2018 syndicated $590 million USD loan from ICBC, BoC, ABC, and others to Abu Dhabi Commercial Bank in the UAE

Interest rate (t₀)•3.16563%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•3 years

Narrative

Full Description

Project narrative

In September 2018, Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), and Agricultural Bank of China (ABC) each contributed an estimated $36.875 million to a $590 million dual-tranche loan to Abu Dhabi Commercial Bank (ADCB). Tranche 1 was sized at $250 million, had a maturity of three years, and an interest rate of 63bps (0.63%) plus contemporary LIBOR. Tranche 2 was sized at $340 million, had a maturity of five years, and an interest rate of 95bps (0.95%) plus contemporary LIBOR. Each tranche is captured in a separate project for each known Chinese lender. For tranche 1, ICBC (#98960), BOC (#98962), and ABC (#98963) each contributed an estimated $15.625 million. For tranche 2, ICBC (#98964), BOC (#98966), and ABC (#98968) each contributed an estimated $21.250 million. Sixteen (16) institutions, all based in Asia, participated in the lending syndicate. Of these, four (4) are currently known. Mizuho, Bank of China (BOC), and Industrial and Commercial Bank of China (ICBC) acted as bookrunners and mandated lead arrangers (MLAs). Agricultural Bank of China (ABC) acted as an arranger. The purpose of the loan is currently unclear. ADCB originally sought just $400 million in financing, but expanded the loan to $590 million after receiving higher than expected demand.

Staff comments

1. For the time being, AidData is estimating each Chinese contribution ($15.625 million) to the lending syndicate by dividing the total amount of financing in the captured tranche ($250 million) by the number of currently known lenders (16).