WASHINGTON, D.C., Nov. 24—On November 21, 1997, the International Finance Corporation (IFC) launched a Hong Kong dollar 1,000 million (approximately US$129 million equivalent) issue under its Global Medium Term Note program. The 2-year floating rate notes carry a monthly coupon of 1-month HIBOR less 36 bps per annum and an issue price of 100.00 percent. The issue is eligible for the Liquidity Adjustment Facility of the Hong Kong Monetary Authority. The proceeds of the issue will be swapped in US dollars floating rate funds.
The lead manager is HSBC Markets Ltd., with Citibank NA, Commerzbank AG, Deutsche Bank Morgan Grenfell, and JP Morgan as co-lead managers.
This transaction brings IFC's market borrowing to about US1,507 million for the fiscal year 1998 which began on June 19, 1997.
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 and Moody's Investors Service.