WASHINGTON, D.C., July 21, 1999 ---
The International Finance Corporation launched a Slovak koruna 1 billion borrowing (approximately US$23 million equivalent) under its Global Medium Term Note program. This is IFC's third issue in the Euro Slovak koruna market. The 2-year notes carry a coupon of 15.75 percent and an issue price of 100.239 percent. The proceeds of the issue were swapped into US dollar floating rate funds. The lead manager of the issue was Deutsche Bank, Frankfurt and co-lead managers were Hypovereinsbank, Bank Austria Creditanstalt, Commerzbank Capital Markets and ING Barings.
This transaction represents the fifth borrowing for the 2000 fiscal year which began on July 1, 1999, and brings IFC's market borrowings for FY00 to about US$524 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.
