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1818 HStreet, N,W
International Finance                   Corporation              Washington DC 20433 USA
December 7, 1988                                  Monique Amaudry
FOR RELEASE: Press release no. 89/25                   CONTACT: (202) 473 93 31
IFC LAUNCHES SPANISH PESETAS BOND ISSUE
The International Finance Corporation (IrC) has launched a
Spanish peseta bond issue for 10 billion pesetas ($88.3 million
equivalent). This is IFC's second issue denominated in the Spanish
currency; the first was a 8.3 billion pesetas issue launched in
January 1988. The borrowing will allow IFC to take advantage of the
attractive funding opportunities currently offered by the growing
Spanish peseta market for supranational bond issues.
IFC, a member of the World Bank Group, is the largest
source of direct project financing for private enterprises in
developing countries.
The five year bond issue will be listed on the Madrid Stock
Exchange and will carry a coupon of 11-1/4 percent per annum with an
issue price of 99-3/4.
A limited group of Spanish and international banks led by
J.P. Morgan, Espaiia, and co-lead by Banco Santander de Negocios will
place the bonds in Spain and offshore, mostly in Europe and Japan.
The proceeds will be swapped into variable rate U.S. dollars to fund
IFC's variable rate U.S. dollars lending.