WASHINGTON, D.C., February 13—On February 12, 1998, the International Finance Corporation (IFC) launched a public offering of bonds in the amount of GRD 5 billion (approximately US$17 million equivalent). The issue represents IFC's second offering of Eurobonds in Greek drachmae and its overall seventh entry in the Greek drachmae market. The two-year bonds carry a coupon of 12.25% per annum, payable annually, and an issue price of 100.75 percent. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds.
The sole lead manager of the issue is SBC Warburg Dillon Read.
This transaction brings IFC's market borrowings during the fiscal year 1998, which began on July 1, 1997, to about US$3,186 million.
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.
