WASHINGTON, D.C., Sept. 23—On September 19, 1997, the International Finance Corporation (IFC) launched a Hong Kong dollar 400 million (approximately US$52 million equivalent) issue under its Global Medium Term Note program. The 3-year fixed-rate notes carry a semi-annual coupon of 7.05 percent per annum and an issue price of 100.22 percent. The proceeds of the issue will be swapped in US dollars floating rate funds.
The lead manager of the issue is Oakreed Financial Services Ltd. An additional 11 financial institutions completed the syndicate group.
This transaction brings IFC’s market borrowing to about US$1,119 million equivalent 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 Corp. and Moody’s Investors Service.
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