WASHINGTON, D.C., June 7, 1999 — The International Finance Corporation launched a Hong Kong dollar 500 million (approximately US$64.5 million) issue under its Global Medium Term Note program. The 5-year notes carry a coupon of 7.75 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 HSBC Markets, Hong Kong; the co-managers are Dao Heng Bank Limited and The Industrial and Commercial Bank of China, Hong Kong.
This transaction is the 32nd borrowing for the 1999 fiscal which began on July 1, 1998, and brings IFC's market borrowings for FY99 to about US$4,290 million. The funds which IFC raises in the international capital markets are used to support the operations of IFC, including funding 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.