Despite some banks reining in their bank-to-bank lending capabilities, Kazakhstan’s Eurasian Bank has managed to close a US$51.5mn syndicated trade loan facility.

However, the bank originally tapped the market for the higher amount of US$75mn in mid August. The deal pays a margin of 1.60% per year and carries a 370-day tenor, plus extension option.

Banks were invited to participate at a commitment level of US$7.5mn, for a fee of 55 basis points, or US$5mn for a fee of 40bp, US$3.0mn for 30bp, or finally US$2mn for 20bp.
In the end, a total of eight banks joined the facility: Bayerische Landesbank, Habib Bank, Wachovia Bank, The Export-Import Bank of the Republic of China, NV de Indonesische Overzeese Bank, National Bank of Dubai, VakifBank International and American Express Bank.

Eurasian Bank’s chairman of the board, Alexandr Konopasevich, comments on the closing of the deal: “In view of the very difficult market conditions, Eurasian Bank is very pleased with the final amount of the syndication. The fact that the loan has successfully closed demonstrates that, despite the current market volatility, relationship banks are still prepared to support Kazakh bank syndicated loans.”