New Silk Road Finance Awards 2017 CEE: Best bank for BRI-related infrastructure finance
In 2005, nine Shanghai-based state-owned enterprises set up a project company to develop a large-scale residential and commercial complex in St Petersburg. Since then, Shanghai Overseas United Investment Holdings (SOUI) has invested more than $1.3 billion in the Baltic Pearl development, making it the largest non-energy investment by Chinese companies in Russia.
While the majority of financing has been provided by SOUI, for the last phase of the project the company opted to approach the international market.
|Daniel Quian, Deutsche Bank|
Deutsche Bank stepped up to the plate. Together with Sinosure, China’s export credit agency, it structured a three-year $95 million credit facility to ZAO Baltic Pearl. Guaranteed by Sinosure, the loan provided overseas subsidiary financing without the need for cross-border parent guarantees for SOUI’s nine shareholder companies.
As the sole structuring bank, Daniel Qian at Deutsche Bank proved adept at coordinating between Chinese public-sector stakeholders including Sinosure, SOUI and its shareholders as well as international banks.