WASHINGTON, D.C., August 6 -- On August 5, 1996, the International Finance Corporation (IFC) launched a Yen 10 billion Dual Currency Note issue under its Euro Medium Term Note program. The 3-year fixed-rate notes carry an annual coupon of 5.0 percent per annum in Yen and an issue price of 98.4725 percent. The notes are redeemable at par, in US dollars. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds.
The lead manager and arranger of the issue is Daiwa Europe Limited.
This transaction brings IFC's market borrowing to about US$1.28 billion for the fiscal year 1997, which began on July 1, 1996.
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 AAA/Aaa by Standard & Poor's Corp. and Moody's Investors Service.