WASHINGTON, D.C., July 21, 1999 --- The
International Finance Corporation launched a Slovak koruna 1 billion borrowing
(approximately US$23 million equivalent) under its Global Medium Term Note
program. This is IFC's third issue in the Euro Slovak koruna market. The
2-year notes carry a coupon of 15.75 percent and an issue price of 100.239
percent. The proceeds of the issue were swapped into US dollar floating
rate funds. The lead manager of the issue was Deutsche Bank, Frankfurt
and co-lead managers were Hypovereinsbank, Bank Austria Creditanstalt,
Commerzbank Capital Markets and ING Barings.
This transaction represents the fifth borrowing for the 2000 fiscal year
which began on July 1, 1999, and brings IFC's market borrowings for FY00
to about US$524 million. The funds which IFC raises in the international
capital markets are used to support the operations of IFC, including funding
its lending operations.
The mission of IFC, part of the World Bank Group, is to promote private
sector investment in developing countries, which will reduce poverty and
improve people's lives. IFC finances private sector investments in the
developing world, mobilizes capital in the international financial markets,
and provides technical assistance and advice to governments and businesses.
Its long-term debt is rated triple-A by both Standard & Poor's and
Moody's Investors Service.