WASHINGTON, D.C., July 22, 1999 ---
The International Finance Corporation today increased its Slovak koruna (SKK) borrowing originally launched July 21, 1999 by an additional SKK 1 billion, bringing the notional amount of the borrowing to SKK 2 billion (approximately US$45 million equivalent). The size of the offering was increased due to the successful placement of the original issue and to large investor demand for Slovak koruna bonds. The increase as well as the original borrowing was issued under IFC's Global Medium Term Note program. 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 IFC's seventh borrowing for the 2000 fiscal year which began on July 1, 1999, and brings its market borrowings for FY00 to about US$678 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.
