WASHINGTON, D.C., Dec. 17—Today, the International Finance Corporation (IFC) launched a South African Rand (ZAR) bond issue for the amount of ZAR 100 million (approximately US$21.1 million equivalent) through IFC’s Euro Medium-Term Note Program. The 2-year bonds carry an annual coupon of 15.50 percent and an issue price of 100.625 percent. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds.
The lead manager of the issue is Hambros Bank Limited, London. An additional 15 financial institutions completed the syndicate group.
This transaction brings IFC’s market borrowing to about US$1,863 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.
