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IFC LAUNCHES GREEK DRACHMAE EUROBONDS OFFERING


L. Joseph
Phone: (202) 473-7700
Fax: (202) 974-4384
E-mail: ljoseph@ifc.org


WASHINGTON, D.C., Jan. 14—On January 13, 1998, the International Finance Corporation (IFC) launched a public offering of bonds in the amount of GRD 10 billion (approximately US$35 million equivalent).  The issue represents IFC's first offering of Eurobonds in Greek drachmae and its overall sixth entry in the Greek drachmae market. The three-year bonds carry a coupon of 12.50% per annum, payable annually, and at an issue price of 101.075 percent. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds.

The lead manager of the issue is Hambros Bank Ltd. The syndicate group comprises eight additional financial institutions which are active in the offshore Greek drachmae market.


This transaction brings IFC's market borrowings during the fiscal year 1998, which began on July 1, 1997, to about US$1,948 million.


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.
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