RZB, as mandated arranger, has signed banks into a US$13mn short-term syndicated trade finance facility on behalf of Bank Caspian. The transaction, the borrower’s debut on the international loan market, was well received and, due to an oversubscription, increased from the initial amount of US$10mn. A total of 11 lenders committed to Bank Caspian’s debut facility. Two banks are first time lenders to Kazakhstan.

Lead manager is Bayerische Hypo-und Vereinsbank. Managers are: Abanka Vipa, Bankgesellschaft Berlin, Bank of Montreal, Bank Sepah, First International Merchant Bank, MashreqBank, Union Bank of California, one undisclosed investor. Participant: Israel Discount Bank of New York.

The tenor is 180 days with bullet repayment. It can be extended, at each lender’s discretion, for a further period of 180 days. margin is 3.25% per year.

Bank Caspian is the sixth largest commercial bank in Kazakhstan in terms of overall assets as of October 1, 2003. It was originally established in 1991 and merged with Kazdor Bank in 1997.