WASHINGTON D.C., July 23 -- International Finance Corporation (IFC) entered the Eurolira market on July 21 with a Lit150 billion bond issue. The issue size was increased by Lit50 billion in response to strong market demand, bringing the total issue to Lit200 billion. The 5-year floating rate bond carries a coupon of 3-month LIBOR less 30 basis points and an issue price of 100.45. This is IFC's first floating rate note issued in Italian lira. The proceeds of the issue have been swapped into US dollar floating rate funds. Lead manager for the issue was Istituto Bancario San Paolo di Torino. Out-of-order co-leads were Banca Nazionale del Lavoro and IMI Bank (Lux.). Co-lead managers were Banco Commerciale Italiana, Banca di Roma, Banca Euromobilare, Credit Suisse First Boston (Italia), Credito Italiano, Deutsche Bank AG (London) and UBS Limited (London). An additional 15 banks completed the syndicate. This transaction brings IFC's market borrowings to US$481 million (inclusive of $356 million equivalent pre-funde
d in FY93) for FY94. IFC anticipates an aggregate FY94 borrowing program of up to US$1.4 billion. IFC is a member of the World Bank Group and the largest source of multilateral financing for private sector companies in developing countries. Its long-term debt is rated Triple A by both Standard and Poor's and Moody's Investors Services.
