WASHINGTON, D.C., January 5, 1999 --- On January 4, 1999, the International Finance Corporation launched a Euro 125 million borrowing (approximately US$114 million) issued in the Italian domestic market. The bonds, with a maturity in February 2009, pay a single 10 percent coupon payable on February 5, 2000 and have an issue price of 79.20 percent. The issue is callable at 81 percent of par in February 2004. The proceeds of the issue were swapped into US dollar floating rate funds. The joint-lead managers for the issue are Banca di Roma, Banca Monte dei Paschi, Mediobanca and Salomon Smith Barney.
This transaction is the first issue of the new year and is the 22nd borrowing for the fiscal year which began on July 1, 1998. It brings IFC's market borrowings for FY99 to about US$3,467 million. The funds which IFC raises in the international capital markets are used to support the operations of IFC, including funding its lending operations.
IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in the international financial markets and providing 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.
