WASHINGTON D.C., Apr. 8 -- The International Finance Corporation (IFC) entered the Greek drachma market on April 5 with a 10 billion drachma bond issue, its first in this market. IFC also entered the Italian lira market on April 5 with a lira 150 billion bond issue, its fourth in this market. The five-year "Marathon" bond (sold by non-Greek issuers, denominated in Greek drachma and listed in Athens) carries a coupon of 15.25 percent and has an issue price of 100.875. The ten-year lira bond carries a coupon of 8.625 percent and has an issue price of 100.80. The proceeds of both issues have been swapped into U.S. dollar floating-rate funds. These transactions bring IFC's market borrowings to about US$1.7 billion for fiscal year 1994. The lead manager for the "Marathon" bond issue was UBS Limited (bookrunner) with BNP Capital Markets Limited and the Hellenic Industrial Development Bank SA as joint lead managers. An additional seventeen banks completed the syndicate. The lead manager for the lira issue was Banca
Nazionale del Lavoro (bookrunner). The out-of-order co-lead manager was Banca Euromobiliare. The co-lead managers were Banca Commerciale Italiana, Banca di Roma, Credito Italiano, Credit Suisse First Boston-Italia, Deutsche Bank (London), IMI Luxembourg, Istituto Bancario San Paolo di Torino Spa, JP Morgan SIM, and Swiss Bank Corporation. An additional nine banks completed the syndicate. IFC is a member of the World Bank Group and the largest source of multilateral financing for private sector companies in developing countries. Its long-term debt is rated Triple A by both Standard and Poor's and Moody's Investors Services. (30)
