WASHINGTON, D.C., November 17, 1999 -
The International Finance Corporation launched a Euro 50 million equity-linked
issue (approximately US$ 52 million equivalent) under its Global Medium
Term Note program. The 2-year notes carry a coupon of 10.25 percent and
an issue price of 101.875 percent. The redemption price of the bonds is
linked to the performance of a basket of three European telecommunications
company stocks. The proceeds of the issue were swapped into US dollar floating
rate funds. The lead manager is ING Barings/BBL.
This transaction represents the 25th borrowing for the fiscal year 2000,
and brings IFC's market borrowings for FY00 to about US$1.35 billion. The
funds which IFC raises in the international capital markets are used to
support the operations of IFC, including funding its lending operations.
IFC, part of the World Bank Group, fosters economic growth in the developing
world by financing private sector investments, mobilizing capital in the
international financial markets and providing technical assistance and
advice to government and businesses. Its long-term debt is rated triple-A
by both Standard & Poor's and Moody's Investors Service.