WASHINGTON, D.C., Nov. 1 -- On October 30, 1995, the International Finance Corporation (IFC) launched its debut Euro Czech Koruna bond issue for the amount of CZK 1 billion (approximately US$38.3 million equivalent) under its Euro Medium Term Note program. The 3-year notes carry an annual coupon of 10.50 percent per annum and an issue price of 101.24 percent. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds. This is the third issue in the Euro Czech Koruna market, which opened on October 1 in response to liberalized foreign exchange regulations adopted by the Czech government, making the Koruna convertible under International Monetary Fund criteria. The other issuers were the Nordic Investment Bank and General Electric Capital Corporation. The lead manager of the IFC issue is Commerzbank AG. The syndicate group consists of 14 financial institutions, representing international investment banks active in the Czech Koruna market. This transaction brings IFC's market borrowing to abo
ut US$1.9 billion for fiscal year 1996, which began on July 1, 1995. IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries. Its long-term debt is rated triple A by both Standard & Poor's and Moody's Investor Service.
