Desmond Dodd
Telephone: + (202) 473 7194
Fax: + (202) 974 4384
Email: ddodd@ifc.org


Washington, D.C., April 8, 2003—The International Finance Corporation, the private sector arm of the World Bank Group, today launched a $1 billion issue under its Global Medium Term Note Program. The five-year notes, priced today to yield 23.5 basis points over the benchmark U.S. Treasury bond, carry a coupon of 3.0 percent per annum (payable semi-annually) and an issue price of 99.481 percent.  The proceeds of the issue will be swapped into U.S. dollar floating rate funds for general operational purposes. The Joint Lead Managers are HSBC Securities (USA) Inc. and Nomura International plc. Co-lead managers are BNP Paribas, Citigroup, Daiwa, JP Morgan, Mizuho International, Morgan Stanley and UBS Warburg.

This is the fourth successive year IFC has launched a U.S. dollar benchmark issue globally, and it brings IFC’s market borrowings for the 2003 fiscal year 2003 to US$3.3 billion. The fiscal year began on July 1, 2002. The issue was heavily oversubscribed and placed with nearly 80 accounts globally. It achieved broadly equal distribution in Asia, the United States, and Europe and the Middle East. IFC’s long-term debt is rated triple-A by both Standard & Poor’s and Moody’s Investors Service.

IFC Vice President, Finance, and Treasurer Nina Shapiro said she is extremely pleased with the market reception for this transaction. “The worldwide placement of this transaction reflects the strong name recognition IFC has developed with key investors in the international capital markets through its program of annual benchmark bond issues,” she said.

The mission of IFC is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives.  IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. Since its founding in 1956 through FY02, IFC has committed more than $34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries. IFC's worldwide committed portfolio as of FY02 was $15.1 billion for its own account and $6.5 billion held for participants in loan syndications.