Published: August 28, 2013
The International Finance Corporation has raised US$3.5bn to lend in emerging markets.
The International Finance Corporation (IFC) has raised US$3.5bn to lend in emerging markets.
The five-year bond is the largest ever issued by IFC and comes as part of its current US$16bn funding programme, also its biggest to date.
The bond attracted an orderbook of almost US$5bn. By region, 48% of allocation went to Asia, 40% to EMEA and 12% to the Americas. By investor type the majority went to central banks and official institutions (64%), with 26% going to banks and corporates and 10% to fund managers.
The corporation will swap the proceeds into floating-rate US dollar funds which will then be used to back investments in emerging markets.
Daiwa, Deutsche Bank, HSBC and TD ran the deal. The bond, like all IFC issuances, is rated triple-A by Standard & Poor’s and Moody’s.