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ICBC contributes to $332 million syndicated loan tranche to Yapı Kredi for trade finance purposes in May 2018
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Yapı ve Kredi Bankası A.Ş. (Yapı Kredi) |
| Country | Turkey |
| Start Date | May 09, 2018 |
| End Date | Aug 26, 2029 |
| Duration | 4,127 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 105715 |
Grant Description
ICBC contributions to $1.5 billion multiple USD and EUR tranches syndicated revolving credit facility with Yapı Kredi in May 2018 On May 9, 2018, Yapı Kredi signed a $1.5 billion revolving credit facility agreement with 48 banks from 19 countries for general trade finance purposes, including financing export and import contracts.
The joint coordinators of the transaction were ICBC, First Abu Dhabi Bank and Standard Chartered, with Mizuho Bank as the facility agent.
The facility was divided into four tranches: a $332 million tranche that carried a 367-day maturity and an interest rate of LIBOR plus a 1.3% margin, an EUR 898 million tranche that carried a 367-day maturity and an interest rate of EURIBOR plus a 1.2% margin, a two-years-plus-one-business-day tranche worth $50 million that carried an interest rate of LIBOR plus a 2.1% margin, and a two-years-plus-one-business-day tranche worth EUR 25 million that carried an interest rate of EURIBOR plus a 1.5% margin
Staff Comments
- The precise monetary value of ICBC’s contribution to the $332 million syndicated loan tranche is unknown. For the time being, AidData assumes equal contributions ($6,916,666) across the 48 banks that participated in the syndicate. This issue warrants further investigation.
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
Sources & References
- Yapi Kredi lands US$1.5bn syndicated loan
- YAPI KREDİ’YE 1.5 MİLYAR DOLARLIK SENDİKASYON KREDİSİ Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Yapı ve Kredi Bankası A.Ş. (Yapı Kredi)
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