WASHINGTON, D.C., January 3, 2000 -
The International Finance Corporation today launched a Hong Kong dollar 1 billion (approximately US$129 million equivalent) issue under its Global Medium Term Note program. This is the first bond issue of the year 2000 by any issuer worldwide. The 3-year notes carry an annual coupon of 7.7 percent per annum and an issue price of 100 percent. The proceeds of the issue were swapped into US dollar floating rate funds. The lead manager for the bond issue is HSBC Markets and the senior co-lead manager is Bank of China International Capital (BOCI Capital).
This transaction is the 41st borrowing for fiscal year 2000 which began on July 1, 1999, and brings IFC's market borrowings for FY00 to about US$1,784 million. The funds which IFC raise 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. IFC's long-term debt is rated triple-A by both Standard & Poor's and Moody's Investors Service.
