WASHINGTON, D.C., April 20—On April 16, 1998, the International Finance Corporation (IFC) launched a Polish Zloty 100 million (approximately US$29.4 million equivalent) issue under its Global Medium Term Note program. The 2-year notes carry an annual coupon of 20.25 percent per annum and an issue price of 101.00 percent. The proceeds of the issue will be swapped in US dollars floating rate funds.
The lead manager is J.P. Morgan Securities Ltd. and a group of six financial institutions completed the syndicate.
This transaction brings IFC’s market borrowing to about US$3,785 million for the fiscal year 1998 which began on July 1, 1997.
IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector companies in developing countries. Its long-term debt is rated triple A by both Standard & Poor’s and Moody’s Investors Service.
