Deutsche Bank and RZB have been jointly mandated to arrange a US$100mn syndicated trade finance facility for Halyk Bank of Kazakhstan . The purpose of the facility is to finance specific trade contracts of select customers of Halyk.
Joint bookrunners Deutsche Bank and RZB will shortly approach Halyk’s key relationship banks to put together an arranging group ahead of general syndication.
The loan carries a margin of 2.25% pa and has a one-year tenor with a 12-month extension option at the lender’s discretion. On May 23, 2003 Halyk will repay a US$52mn one-year trade finance facility.
Halyk has total assets as at December 31 2002 of eq US$1.23bn making it the third largest bank in Kazakhstan . Share capital at the same date is US$92.1mn. Halyk has a long-term foreign currency rating from Fitch of BB- and Ba1 (foreign long-term deposit) from Moody’. In September 2002 Moody’s awarded Kazakhstan an investment grade rating of Baa3.