Citi and Deutsche Join PDVSA Loan

Citi and Deutsche participated as lead managers on a $1.5bn 3-year amortizing trade-related loan for PDVSA at Libor+450bp, says a banker on the deal. The pair is the sole Wall Street participation on the facility through China Development Bank and Banco Espirito Santo, which is dominated by Chinese and Venezuelan lenders. The others on the list are senior lead arrangers Industrial and Commercial Bank of China, BANDES and China’s Bank of Communications, lead arranger Agricultural Bank of China, arranger Banco do Brasil, and lead managers Banco Nacional Ultramarino, China Minsheng, FOGADE, Mercantil Commerce Bank, Banco Provincial, Banco de Comercio Exterior, Bancaribe Curacao, Banco del Orinoco, Banesco, Shanghai Pudong Development Bank and China Postal Savings Bank. The deal has an average life of 1.9 years, says the banker on the deal.