WASHINGTON, D.C., April 28-- On April 28th, The International Finance Corporation launched an Israel shekel 200 million (approximately US$53.8 million) Eurobond issue, the first issue of its kind.
The one-year notes carry an annual coupon of 10.25 percent, and were issued at a price of 100.95 percent of the par. The proceeds of the issue were swapped into US dollar floating rate funds.
The lead manager for the issue is Deutsche Morgan Grenfell with a syndicate group comprised of the Israel Discount Bank, Credit Suisse First Boston and ING Barings. The issue is expected to be placed primarily with European retail investors.
This issue is part of IFC’s goal of contributing to the development of new capital markets. IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in international financial markets and providing technical assistance and advice to governments and businesses.
This transaction under IFC’s Global Medium Term Note Program brings IFC’s market borrowing to about US$3,839 million for the fiscal year 1998, which began on July 1, 1997. The long-term debt of the IFC is rated triple-A by both Standard & Poor’s and Moody’s Investors Service.
