WASHINGTON, D.C., Nov. 24—On November
21, 1997, The International Finance Corporation (IFC) launched an Italian
Lira denominated callable bond under its Global Medium Term Note Program.
The bond carries a coupon of 14% per annum in the first year, and thereafter
a coupon of 16% less 2 times the 12-month Libor. The bond has a final maturity
of ten years and has been issued to investors at par. The issue is listed
on the Luxembourg stock exchange, and is swapped into floating rate US
The notes have been joint lead-managed by Monte dei Paschi di Siena (bookrunner)
and Morgan Stanley. The syndicate group comprises 10 financial institutions
active in the Lira market.
This transaction brings IFC's market borrowing to about US$1,595 million
for the fiscal year 1998 which began on July 1, 1997.
IFC is a member of the World Bank Group and the largest source of financing
for private sector companies in developing countries. Its long-term debt
is rated triple-A by Standard and Poor's and Moody's Investors Service.