WASHINGTON, D.C., July 3 -- On July 2, 1996, the International Finance Corporation (IFC) launched a Czech koruna (CZK) bond issue for the amount of CZK 1.5 billion (approximately US$54.5 million equivalent) through IFC's Euro Medium-Term Note Program. The 2-year bonds carry an annual coupon of 11 percent and an issue price of 100.80 percent. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds.
The lead manager of the issue is ING Bank N.V., London Branch. An additional 11 financial institutions completed the syndicate group.
This transaction brings IFC's market borrowing to about US$923 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.
