IFC to Issue Microfinance Bond Via Daiwa

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Oct 2012
Global, October, 31 2012 - International Finance Corp. (IFC), a member of the World Bank Group, and Daiwa Securities Group Inc. announced on Oct. 31 plans to issue a microfinance bond to expand access to finance for poor and low-income entrepreneurs in developing countries.

Basic financial services such as microfinance, which makes loans available to low-income entrepreneurs, can become a powerful instrument to reduce poverty in developing countries, IFC and Daiwa said in a release.

It enables deprived people to build assets, increase income, and reduce their vulnerability to economic stress.

The four-year bond will be issued in South African rand and Turkish lira. The offering period is Nov. 1 through Nov. 16, 2012. The maturity date of the bonds is Nov. 21, 2016.

The interest rate will be 4.68 percent per annum on the South African rand issuance. It will be 5.23 percent per annum on the Turkish lira issuance. The issue will be arranged and distributed by Daiwa Securities Co. to Japanese retail and institutional investors.



 

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