WASHINGTON, D.C., July 20, 1999 ---
The International Finance Corporation today launched a New Zealand 250 million global borrowing (approximately US$131 million) under its Global Medium Term Note program. The 10-year notes carry a coupon of 6.75 percent and an issue price of 98.4 percent. The proceeds of the issue were swapped into US dollar floating rate funds. The lead manager was RBC Dominion Securities.
This transaction represents the first New Zealand bond offering by IFC and is the sixth borrowing for the fiscal year 2000. It brings IFC's market borrowings for FY00 to about US$655.2 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.
