WASHINGTON, D.C., February 13—On February
12, 1998, the International Finance Corporation (IFC) launched a public
offering of bonds in the amount of GRD 5 billion (approximately US$17 million
equivalent). The issue represents IFC's second offering of Eurobonds
in Greek drachmae and its overall seventh entry in the Greek drachmae market.
The two-year bonds carry a coupon of 12.25% per annum, payable annually,
and an issue price of 100.75 percent. The proceeds of the issue will be
swapped into U.S. dollar floating-rate funds.
The sole lead manager of the issue is SBC Warburg Dillon Read.
This transaction brings IFC's market borrowings during the fiscal year
1998, which began on July 1, 1997, to about US$3,186 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.