WASHINGTON, D.C., July 26 -- The International Finance Corporation (IFC) today launched its second bond issue in the Greek Drachma market, a 100 billion GD offering (approximately US$452.5 million) that is the largest-ever fixed-rate issue in this market. The bonds have a final maturity of July 26, 1998, carry an annual coupon of 13.45 percent and have an issue price of 100.40 percent. The proceeds of the issue will be swapped into U.S. dollar six-month LIBOR floating rate funds. The lead managers of the issue are Mitsubishi Finance International plc and the Commercial Bank of Greece. A syndicate group of Greek and international banks is being formed. IFC's first Greek Drachma issue was for 10 billion GD in April 1994. "This transaction is a major step in developing the fixed-rate bond market in Greece," according to Mr. George Handjinicolaou, Manager of IFC's Treasury Operations Division. "It will ultimately help broaden access to local currency funds for other entities, including the Greek government and Gr
eek private companies." IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan finance for private sector projects in developing countries. Its long-term debt is rated triple A by both Standard & Poor's Corp. and Moody's Investors Service.
