WASHINGTON, D.C., May 27, 1999 --- The International Finance Corporation today launched a Hong Kong dollar 300 million (approximately US$38.7 million equivalent) issue under its Global Medium Term Note program. The 3-year notes carry a coupon of 6.87 percent per annum payable quarterly and an issue price of 100 percent. The proceeds of the issue will be swapped in US dollar floating rate funds. The lead manager is Société Générale Asia Limited.
This transaction is the thirtieth borrowing for the 1999 fiscal which began on July 1, 1998, and brings IFC's market borrowings for FY99 to about $3,985 million. The funds which IFC raises in the international capital markets are used to support the operations of IFC, including financing its lending operations.
The mission of IFC, part of the World Bank Group, is to promote private sector investment in developing countries which will reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses. Its long-term debt is rated triple-A by both Standard & Poor's and Moody's Investors Service.
