Daily News: November 9, 2017

BofA Renews Chicago Merchandise Xchange $7B Multi-Currency Facility


Chicago Mercantile Exchange renewed its 364-day multi-currency credit facility with Bank of America as administrative agent.

According to a related 8-K filing, in addition to Bank of America, Citibank served as collateral agent and collateral monitoring agent; Bank of China, Chicago Branch, BMO Harris Bank, The Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Citibank, Commerzbank New York Branch, Lloyds Bank, United Overseas Bank, New York Agency, Wells Fargo Bank, The Bank of Nova Scotia, Agricultural Bank of China New York Branch, TD Securities (USA), Industrial and Commercial Bank of China New York Branch served as syndication agents. Merrill Lynch, Bank of China, Chicago Branch, BMO Harris Bank, The Bank of Tokyo-Mitsubishi UFJ, Barclays Bank PLC, Citibank, Commerzbank AG New York Branch, Lloyds Bank, United Overseas Bank Limited, New York Agency, Wells Fargo, The Bank of Nova Scotia, Agricultural Bank of China, New York Branch, TD Securities (USA), and Industrial and Commercial Bank of China Limited, New York Branch were joint lead arrangers and joint bookrunners.

The credit facility is for a line of credit of $7 billion and is intended to provide temporary liquidity to CME in the event of a clearing member default, a liquidity constraint or depositary default, or in the event of temporary delays in the payment systems utilized by CME. CME’s obligations under the facility will be collateralized by the guaranty fund contributions and performance bond assets deposited by clearing members with CME. The facility also provides CME with the ability to seek to increase the line of credit from $7 billion to $10 billion, though the participating banks are not obligated to comply with the request and additional banks may be added.