WASHINGTON, D.C., August 21, 1998 --- On
August 21, 1998, the International Finance Corporation (IFC) launched a
Greek drachma 15 billion (approximately US$49,500,000) Global Medium Term
Notes offering. The 3-year notes carry an annual coupon of 8.625
percent per annum and an issue price of 101.22 percent. The proceeds
of the issue will be swapped into USD floating rate funds. The lead
manager is Morgan Stanley and the syndicate group comprises Morgan Stanley
& Co. International Ltd. and Commercial Bank of Greece S.A. Co-leads
include (out of order) Banco Di Napoli, BCI, BNL, Banca Popolare dell’Emilia
Romagna, BBL, BIL, Deutsche Bank, ING, and Toronto-Dominion Bank.
This transaction is the seventh borrowing for the new fiscal year, which
began on July 1, 1998, and brings IFC’s market borrowings for FY99 to
about US$637.5 million. IFC uses its note and bond offerings to raise
funds in the international capital markets. These funds are then
used to support the operations of IFC, including its lending activities.
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 governments and businesses. Its long-term debt is rated
triple-A by both Standard & Poor’s and Moody’s Investors Service.