WASHINGTON, D.C., August 24, 1998 --- The International Finance Corporation has launched a Hong Kong dollar 1 billion (approximately US$129 million equivalent) issue under its Global Medium Term Note program. The 2-year notes carry an annual coupon of 10.95 percent per annum and an issue price of 100.10 percent. Application has been made to the Hong Kong Monetary authority for Liquidity Adjustment Facility Eligibility in order to facilitate repo trading. The proceeds of the issue will be swapped in US dollar floating rate funds. The lead manager is Warburg Dillon Read and co-lead managers are BNP Oakreed and Dao Heng Bank Limited.
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.