WASHINGTON, D.C., Feb. 6 -- On February 6, 1996, the International Finance Corporation (IFC) launched its debut Euro South African rand (ZAR) bond issue for the amount of ZAR 250 million (approximately US$68.3 million equivalent) under its Euro Medium Term Note program. The 2-year notes carry an annual coupon of 13 percent per annum and an issue price of 101.25 percent. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds. The lead manager of the issue is HSBC Markets Limited. The syndicate group consists of 24 financial institutions, representing international investment banks active in the Euro South African rand market. This transaction brings IFC's market borrowing to about US$2.4 billion for fiscal year 1996, which began on July 1, 1995. 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.
