WASHINGTON, D.C., October 23, 1998 - The International Finance Corporation today launched a Eurosterling 200 million borrowing (approximately US$338,700,000) issued under its Global Medium Term Note program. The notes with a maturity in July 2002 carry an annual coupon of 5.75 percent per annum and an issue price of 99.88 percent. The proceeds of the issue were swapped into USD floating rate funds. The lead manager for the issue is HSBC Markets Limited.
This transaction is the ninth borrowing for the new fiscal which began on July 1, 1998, and brings IFC's market borrowings for FY99 to about US$1139 million. The funds which IFC raises in the international capital markets are used to support the operations of IFC, including funding its lending operations.
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.