WASHINGTON, D.C., Dec. 17—Today, the International
Finance Corporation (IFC) launched a South African Rand (ZAR) bond issue
for the amount of ZAR 100 million (approximately US$21.1 million equivalent)
through IFC’s Euro Medium-Term Note Program. The 2-year bonds carry an
annual coupon of 15.50 percent and an issue price of 100.625 percent. The
proceeds of the issue will be swapped into U.S. dollar floating-rate funds.
The lead manager of the issue is Hambros Bank Limited, London. An additional
15 financial institutions completed the syndicate group.
This transaction brings IFC’s market borrowing to about US$1,863 million
for the fiscal year 1997 which, for funding purposes, began on June 18,
IFC, a member of the World Bank Group, is the largest multilateral source
of financing for private sector companies in developing countries. Its
long-term debt is rated AAA/Aaa by both Standard & Poor’s Corp. and
Moody’s Investors Service.