WASHINGTON, D.C., Aug. 6—On August 5,
1997, the International Finance Corporation (IFC) launched a GRD 27.5 billion
(approximately US$94 million equivalent) domestic public offering of floating
rates notes (FRN), its third FRN transaction in the Greek capital markets.
In addition, IFC has previously issued two fixed rate bond transactions
in the Greek market. The five-year bonds carry a coupon of 3-month Athibor
less 75 b.p. per annum, payable quarterly, and an issue price of 100 percent.
The proceeds of the issue will be swapped into U.S. dollar floating-rate
The joint-lead of the issue are Barclays Bank PLC, Athens Branch and Alpha
Credit Bank. The syndicate group comprises 13 additional financial institutions,
which are active in the Greek drachma market.
This transaction brings IFC's market borrowings during the fiscal year
1998, which began on July 1, 1997, to about US$915 million.
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 triple A by both Standard & Poor's Corp. and
Moody's Investors Service.