Overview

CCB International contributes to $265 million lease financing facility to Emirates Airline for the acquisition of two Boeing 777-300ER aircraft

Commitments (Constant USD, 2023)$74,647,642

Commitment Year•2008Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesOverseas Jurisdiction•Hong Kong (China)Sector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 14, 2008

Last repayment (originally scheduled): Sep 11, 2020

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

CCB International (Holdings) Ltd (CCB International)

Cofinancing agencies

Private Sector

Barclays Corporate and Investment Bank (Formerly Barclays Capital)
Noor Bank PJSC (Formerly Noor Islamic Bank)
Standard Chartered Bank PLC

State-owned Banks

Samba Financial Group

Receiving agencies

State-owned companies

Emirates Airline

Loan description

2008 syndicated $265 million USD lease financing facility from CCB International and others to Emirates Airline for the acquisition of two Boeing 777-300ER aircraft

Interest type•UnknownMaturity•12 years

Narrative

Full Description

Project narrative

On September 14, 2008, CCB International (Holdings), a wholly-owned subsidiary of the China Construction Bank (CCB), contributed an estimated $53 million to a $265 million Islamic lease financing facility to Emirates Airline for the acquisition of two Boeing 777-300ER aircraft, delivered in May and August of 2007. The lease had a maturity date of twelve (12) years. Other financial details are currently unknown. Five (5) known institutions participated in the lending syndicate. Noor Bank acted as lead arranger, structuring bank, investment manager, and investor security trustee. Barclays CIB, CCB International (Holdings), Samba Financial Group, and Standard Chartered Bank also acted as arrangers.

Staff comments

1. Sale and leaseback (or sale-leaseback) agreements are generally considered to be off-balance-sheet hybrid debt products. 2. For the time being, AidData is estimating Bank of China's (BOC) contribution ($53 million) to the lending syndicate by dividing the total amount of financing ($265 million) by the number of lenders (5).