WASHINGTON, D.C., April 3, 1998--The International Finance Corporation launched a Hong Kong dollar 300 million (approximately US$38.7 million equivalent) issue under its Global Medium Term Note program. The 2-year notes, launched April 1, carry a quarterly coupon of 8.18 percent per annum and an issue price of 99.67 percent. The proceeds of the issue will be swapped in US dollars floating rate funds. The joint lead managers are Hang Seng Bank and Societe Generale Asia Limited.
This transaction brings IFC’s market borrowing to about US$3,755 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.