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.