IFC issues $1b global bond for emerging economies

The International Finance Corporation (IFC) has issued a $1 billion five-year global bond in order to invest in emerging economies, the institution said November 14, 2012.

The IFC says the dollar-denominated bond issue is part of its regular programme of raising funds for private sector development lending, and also “sets the pricing benchmark for IFC’s FY13 borrowing programme”.

“… the proceeds of this issue will be swapped into floating-rate US dollar funds that will be available for IFC investments in emerging markets,” the World Bank Group member said in a statement.

The transaction was lead managed by Barclays, BNP Paribas, and Deutsche Bank.

The IFC indicated that it plans to raise $10 billion across a range of markets and currencies this fiscal year.

By Ekow Quandzie