WASHINGTON, D.C., Mar. 28—On March 26, 1997, the International Finance Corporation (IFC) launched a South African Rand (ZAR) 100 million bond issue (approximately US$22.6 million equivalent) under its Global Medium Term Note program. The five-year bonds were issued at a price of 101.475 percent of par and carry an annual coupon of 14.75 percent. The proceeds of the transaction will be swapped into U.S. dollar floating-rate funds.
The lead manager of the issue is Toronto Dominion Bank, London with IMI Bank Lux as a senior co-lead manager. An additional 22 financial institutions completed the syndicate group.
This transaction brings IFC’s market borrowing to about US$3,550 million for the fiscal year 1997 which, for funding purposes, began on June 18, 1996.
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 AAA/Aaa by both Standard & Poor’s Corp. and Moody’s Investors Service.
–––––
