WASHINGTON, D.C., Mar. 28—On March 26,
1997, the International Finance Corporation (IFC) launched a South African
Rand (ZAR) 100 million bond issue (approximately US$22.6 million equivalent)
under its Global Medium Term Note program. The five-year bonds were issued
at a price of 101.475 percent of par and carry an annual coupon of 14.75
percent. The proceeds of the transaction will be swapped into U.S. dollar
The lead manager of the issue is Toronto Dominion Bank, London with IMI
Bank Lux as a senior co-lead manager. An additional 22 financial institutions
completed the syndicate group.
This transaction brings IFC’s market borrowing to about US$3,550 million
for the fiscal year 1997 which, for funding purposes, began on June 18,
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 AAA/Aaa by both Standard & Poor’s Corp. and
Moody’s Investors Service.