WASHINGTON, D.C., Aug. 6—On August 5, 1997, the International Finance Corporation (IFC) launched a GRD 27.5 billion (approximately US$94 million equivalent) domestic public offering of floating rates notes (FRN), its third FRN transaction in the Greek capital markets. In addition, IFC has previously issued two fixed rate bond transactions in the Greek market. The five-year bonds carry a coupon of 3-month Athibor less 75 b.p. per annum, payable quarterly, and an issue price of 100 percent. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds.
The joint-lead of the issue are Barclays Bank PLC, Athens Branch and Alpha Credit Bank. The syndicate group comprises 13 additional financial institutions, which are active in the Greek drachma market.
This transaction brings IFC's market borrowings during the fiscal year 1998, which began on July 1, 1997, to about US$915 million.
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.
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