WASHINGTON, D.C., Oct. 20—On October 17, 1997,
the International Finance Corporation (IFC) launched a Czech koruna bond
issue for the amount of CZK one billion (approximately US$36 million equivalent)
under its Global Medium-Term Note program. This is IFC's fifth issue in
the Euro Czech koruna market. The one-year notes carry an annual coupon
of 14 percent and were issued at a price of 100.97 percent. The proceeds
of the issue will be swapped into U.S. dollar floating-rate funds.
The lead manager of the issue is WoodCommerz A.S. The syndicate group comprises
15 additional financial institutions which are active in the Czech koruna
This transaction brings IFC's market borrowings during the fiscal year
1998, which began on July 1, 1997, to about US$1,296 million equivalent.
IFC, a member of the World Bank Group, is the largest multilateral source
of financing for private sector companies in developing countries. Its
long-term debt is rated triple A by both Standard & Poor's Corp. and
Moody's Investors Service.