WASHINGTON, D.C., July 15, 1999 --- The International Finance Corporation today launched a Eurosterling 150 million borrowing (approximately US$235 million) under its Global Medium Term Note program. The 3-year notes carry a coupon of 5.75 percent and an issue price of 99.71 percent and represents a reopening of a bond initially launched on October 28, 1998. This increase brings the total outstanding size of this issue to GB£550 million. The proceeds of the issue were swapped into US dollar floating rate funds. The lead manager was HSBC Markets Limited.
This transaction represents the fourth borrowing for the 2000 fiscal year which began on July 1, 1999, and brings IFC's market borrowings for FY00 to about US$501 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.
