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IFC LAUNCHES GREEK DRACHMA GLOBAL MEDIUM TERM NOTES OFFERING


L. Joseph
Phone: (202) 473-7700
Fax: (202) 974-4384
E-mail: ljoseph@ifc.org


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.