WASHINGTON, D.C., July 31, 1998 --- The
International Finance Corporation today launched a first ever zero coupon
global bond offering in Greek drachmae under its Global Medium Term Note
program. The 10-year zero coupon notes have a face value of GRD 10
billion (about US$34 million) and an issue price of 54.45 percent. The
proceeds of the issue will be swapped into US floating rate funds. The
lead manager is J.P. Morgan Securities Limited and the syndicate group
comprises Alpha Credit Bank, Barclays Bank, Banque Bruxelles Lambert, Cariplo,
Deutsche Bank, DG Bank, ING Barings, Nord LB, Paine Webber and Toronto
Dominion.
This transaction is the fourth borrowing for the new fiscal year, which
began on July 1, 1998, and brings IFC’s market borrowings for FY99 to
about US$331 million. The funds which IFC raise in the international
capital markets are used to support the operations of IFC, including funding
its lending operations.
IFC, part of the World Bank Group, fosters economic growth in the developing
world by financing private sector investments, mobilizing capital in the
international financial markets and providing technical assistance and
advice to governments. Its long-term debt is rated triple-A by both Standard
& Poor’s and Moody’s Investors Service.
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