Active Commercial AidData Chinese Aid

Bank of Communications contributes to $175 million syndicated loan with Philippine National Oil Company (PNOC) in August 2003 (Linked to Record ID#104647)

$4M USD

Funder	China Bank of Communications (BoCom or BoComm)
Recipient Organization	Philippine National Oil Company (PNOC)
Country	Philippines
Start Date	Aug 01, 2003
End Date	Jan 14, 2028
Duration	8,932 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`104648`

Grant Description

BoCom and CCB contribution to $175 million syndicated loan with Philippine National Oil Company (PNOC) in August 200 In August 2003, a group of banks -- including China Construction Bank (Singapore) and Bank of Communications (Singapore) -- participated in a $175 million, 5-year syndicated loan agreement with Philippine National Oil Company (PNOC).

Citigroup and Standard Chartered served as mandated lead arrangers. They contributed $40 million and $35 million, respectively.

The arrangers included Security Bank Corp (contributing $18 million) and KBC Bank NV (Manila) and Land Bank of the Philippines (each contributing $12 million).

Lead managers included Bank of Nova Scotia, Chinatrust (Philippines) Commercial Bank, DZ Bank AG (Singapore), International Commercial Bank of China (Manila) and Taiwan Co-operative Bank (Manila OBB). Bank of Nova Scotia contributed $10 million and the other lead managers contributed $7 million each.

Allied Banking Corp, Arab Investment Co SAA, Bank of Communications (Singapore), China Construction Bank (Singapore) and United World Chinese Commercial Bank also participated in the syndicated loan managers.

Bank of Communications (Singapore)'s estimated contribution is captured via Record ID#104648 and China Construction Bank (Singapore)'s estimated contribution is captured via Record ID#104647.

📋 Staff Comments

Allied Banking Corp is coded as Philippine National Bank in the co-financing agencies field as these two banks merged in February 2013.
United World Chinese Commercial Bank is identified as Cathay United Bank in the co-financing agencies field as these two banks merged in April 2002.
AidData estimates the transaction (loan commitment) amount by (a) first subtracting the known contributions of bank participants in the syndicate ($150 million) from the total face value of the loan ($175 million), and then (b) assuming equal contributions ($4 million) across the five remaining members of the syndicate.
The Philippine National Oil Company (PNOC) is an energy company created on November 9, 1973 as a government-owned and controlled corporation.

📚 Sources & References

Asia Pacific Loans Flow 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.