WASHINGTON, D.C., January 19, 2000
, The International Finance Corporation today launched two Hong Kong dollar 150 million borrowings (approximately US$19.3 million equivalent each) under its Global Medium Term Note program.
The first, the 7-year note, carries an annual coupon of 8.20 percent and an issue price of 100.00 percent. The second, the 10-year note, carries an annual coupon of 8.50 percent and an issue price of 100.00 percent. The proceeds of the issue were swapped into US dollar floating rate funds. The lead manager is The Hongkong and Shanghai Banking Corporation Limited. These borrowings mark IFC's third and fourth issues in the Hong Kong dollar market in fiscal year 2000. This is IFC's first 7-year note in the Hong Kong market since 1994 and its first ever 10-year maturity note in that market.
These transactions represent the 44th and 45th borrowings for the 2000 fiscal year which began on July 1, 1999, and brings IFC's market borrowings for FY00 to about US$ 1.853 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. IFC's long-term debt is rated triple-A by both Standard & Poor's and Moody's Investors Service.
