WASHINGTON, D.C., October 4, 1998 -- The International Finance Corporation today launched a Singapore dollar (SGS) domestic bond issue for the amount of SGS 300 million (approximately US$178 million equivalent). This transaction, IFC’s debut Singapore dollar issue, is also the first Singapore dollar issue launched by a non-resident issuer in the Singapore market. The three-year bonds carry a semi-annual coupon of 4.5 percent per annum and were issued at 99.446 percent of par. The issue, listed on the Singapore stock exchange, has been swapped to floating rate US dollars by IFC.
The lead manager of the issue is Citicorp Investment Bank (Singapore) Limited. Co-lead managers are Development Bank of Singapore Limited and Overseas Chinese Banking Corporation. The issue is expected to be placed with institutional investors in Singapore.
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.
