IFC’s Discount Note Program was launched in June 2009 to complement IFC’s Global MTN Program. The program provides an additional funding and liquidity management tool for IFC to support our trade finance and supply chain initiatives, and to expand the availability of short-term local currency finance. Our discount notes offer a high-quality, short-term investment opportunity in U.S. dollar and Chinese renminbi.

IFC was the first multilateral institution to launch discount note programs in Chinese renminbi and Turkish lira to eligible institutional investors globally, enabling the regular issuance of offshore discount notes and expanding the availability of short-term local-currency finance.

In FY22, IFC issued $7.5 billion under the Global Discount Note Program.

  • Denominated in USD and CNH
  • Maturities ranging from overnight to 360 days
  • Minimum order is $100,000 aggregate face amount per maturity date
  • Uncertified book-entry form 
  • Offered through ten dealers
  • Available in bearer form only
  • Settlement via Fedwire