WASHINGTON, D.C., August 26, 1999 ---
The International Finance Corporation concurrently launched a Singapore dollar 100 million borrowing (approximately US$60 million equivalent) and a Hong Kong dollar 500 million borrowing (approximately US$64 million equivalent) yesterday under its Global Medium Term Note program.
This is IFC's third issue in the Singapore dollar market, the 5-year notes carry a coupon of 4.28 percent and an issue price of 100.00 percent. The Hong Kong dollar borrowing has a 3-year maturity, a quarterly coupon of 7.75 percent, and was also issued at 100.00 percent. The proceeds of the issues were swapped into US dollar floating rate funds. The lead manager of both issues was the Hongkong and Shanghai Banking Corporation Limited with a syndicate group formed for the Singapore dollar offering, consisting of ABN Amro Bank, Painewebber International (UK), and Tokyo-Mitsubishi International Singapore.
These transactions represent the tenth and eleventh borrowings for the 2000 fiscal year, which began on July 1, 1999, and bring IFC's market borrowings for FY00 to about US$867 million. The funds that 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.
