WASHINGTON, D.C., July 22, 1999 --- The
International Finance Corporation today increased its Slovak koruna (SKK)
borrowing originally launched July 21, 1999 by an additional SKK 1 billion,
bringing the notional amount of the borrowing to SKK 2 billion (approximately
US$45 million equivalent). The size of the offering was increased due to
the successful placement of the original issue and to large investor demand
for Slovak koruna bonds. The increase as well as the original borrowing
was issued under IFC's Global Medium Term Note program. 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 IFC's seventh borrowing for the 2000 fiscal
year which began on July 1, 1999, and brings its market borrowings for
FY00 to about US$678 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.