WASHINGTON, D.C., Dec. 6—The International Finance Corporation (IFC) today launched a GRD 26.7 billion (approximately US$110 million equivalent) public offering of floating rates notes (FRN).
The offering comprises two issues, (i) a GRD 14.6 billion FRN issue with a one time capital redemption of GRD 5.4 billion in December 1998 and a final maturity in December 2000; and (ii) a GRD 12.1 billion FRN issue maturing in April 1999. Both issues carry a coupon of 6-month Athibor less 50 b.p. per annum, payable semi annually and an issue price of 100 percent. The proceeds of the issues will be swapped into U.S. dollar floating-rate funds.
The joint-lead managers for both issues are Barclays Bank PLC, Athens Branch and National Bank of Greece. An additional 12 financial institutions completed the syndicate groups for the FRN issues.
This offering is IFC’s second floating rate note transaction in the Greek capital markets. In November 1995 IFC launched a GRD 40 billion floating rate note issue. IFC has also been active in fixed rate bond transactions in the Greek market, launching a fixed rate issue in April 1994 and another in July 1995.
The December 6 transaction brings IFC’s market borrowing to about US$1,725 million for the fiscal year 1997 which, for funding purposes, began on June 18, 1996.
IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector companies in developing countries. Its long-term debt is rated AAA/Aaa by both Standard & Poor’s Corp. and Moody’s Investors Service.