WASHINGTON, D.C., July 24 -- On July 23, 1996, the International Finance Corporation (IFC) launched a Slovak Koruna bond issue for the amount of SKK 1.2 billion (approximately US$39.3 million equivalent) under its Euro Medium Term Note program. This transaction, IFC's debut Slovak koruna issue, was also one of the first international transactions to be launched in that currency. The 3-year notes carry an annual coupon of 11.75 percent per annum and were issued at a price of 100.75 percent of par. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds.
The joint lead managers of the issue are ING Barings N.V. and Woodcommerz A.S., Prague. The syndicate group will include about a dozen additional financial institutions, which are active in the Slovak koruna market.
This transaction brings IFC's market borrowings to about US$1.14 billion for the fiscal year 1997 which, began on July 1, 1996.
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 Corp. and Moody's Investors Service.
