WASHINGTON, D.C., Oct. 24—On October 23, 1997, the International Finance Corporation (IFC) launched a Hong Kong dollar 300 million (approximately US$39 million equivalent) issue under its Global Medium Term Note program. The 2-year fixed-rate notes carry a quarterly coupon of 12.25 percent per annum and an issue price of 100.10 percent. The proceeds of the issue will be swapped in US dollars floating rate funds.
The sole lead manager is Tokyo-Mitsubishi International (HK) Ltd.
This transaction brings IFC's market borrowing to about US1,369 million for the fiscal year 1998 which began on June 19, 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.