Announcement of IFC Launches Philippine Peso 2.6 Billion Global Bond Offering on March 12, 1997

IFC LAUNCHES PHILIPPINE PESO 2.6 BILLION GLOBAL BOND OFFERING WASHINGTON, D.C., Mar. 12—On March 10, 1997, the International Finance Corporation (IFC) launched a Philippine peso (PHP) bond issue for the amount of PHP 2.6 billion (approximately US$98 million equivalent), under the IFC’s Global Medium Term Note program. This transaction, IFC’s debut Philippine peso issue, is also the first Europeso issue launched in the international capital markets. The 5-year notes carry an semi-annual coupon of 10.25 percent per annum and were issued at a price of 100.00 percent of par. The proceeds of the issue will be swapped into U.S. dollar floating-rate funds. The lead manager of the issue is Citicorp International Ltd, Hong Kong, with underwriting support from five co-lead managers and four co-managers. The issue is expected to be placed with investors in Asia, United States and Europe, with a predominant demand in Asia. This transaction brings IFC’s market borrowings to about US$3,184 billion for the fiscal year 1997 which, began on July 1, 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 triple A by both Standard & Poor’s Corp. and Moody’s Investors Service. IBRD IDA IFC MIGA ICSID