WASHINGTON, D.C., July 15, 1999 --- The
International Finance Corporation today launched a Eurosterling 150 million
borrowing (approximately US$235 million) under its Global Medium Term Note
program. The 3-year notes carry a coupon of 5.75 percent and an issue
price of 99.71 percent and represents a reopening of a bond initially launched
on October 28, 1998. This increase brings the total outstanding size
of this issue to GB£550 million. The proceeds of the issue
were swapped into US dollar floating rate funds. The lead manager
was HSBC Markets Limited.
This transaction represents the fourth borrowing for the 2000 fiscal year
which began on July 1, 1999, and brings IFC's market borrowings for FY00
to about US$501 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.