WASHINGTON, D.C., July 16, 1998 --- The International Finance Corporation today launched a Hong Kong dollar 240 million (approximately US$31 million equivalent) issue under its Global Medium Term Note program. The 1-year notes carry an annual coupon of 9.605 percent per annum and an issue price of 100.00 percent. The proceeds of the issue will be swapped in US dollars floating rate funds. The Lead Manager is Société Générale Asia Limited and Co-Lead Manager is Dao Heng Bank Limited.
This transaction is the first borrowing for the new fiscal year, which began on July 1, 1998.
IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in the international financial markets and providing technical assistance and advice to governments and businesses. Its long-term debt is rated triple-A by both Standard & Poor’s and Moody’s Investors Service.