• Threes ‘good company’ in dollars

    The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.

    • 18 Jan 2018
  • IFC shows dollar threes ‘just as strong’ as rampant fives

    The International Finance Corporation on Thursday offered a solid helping of three year supply to a dollar market that has so far this year been dominated by five year issuance. The issuer was rewarded with a well oversubscribed book, with bankers away from the deal suggesting central banks would have played a large part.

    • 18 Jan 2018
  • Mexican peso market 'hotter than ever'

    SSA issuers are able to offer a pickup against Mexican government bonds for the first time "in memory", according to one head of local currency bonds.

    • 16 Jan 2018
  • IFC, GS support Vietnam's SMEs with loan

    International Finance Corp has joined forces with Goldman Sachs to extend a $110m syndicated loan to Vietnam’s An Binh Commercial Joint Stock Bank, a portion of which will be used to provide loans to women-owned enterprises in the country.

    • 21 Dec 2017
  • Asian green bonds: more catching up needed

    Asia’s green financing market has made great strides since issuance started to pick up two years ago, with 2017 seeing more regulators and issuers giving the asset class a push. But for all its impressive feats, the region’s green market is yet to come of age.

    • 12 Dec 2017
  • IFC sells first ever dinar bond in local currency push

    The International Finance Corporation has placed its first ever Serbian dinar bond, with the intention of financing a particular project in the region.

    • 07 Dec 2017
  • The fintech revolution is here, says IFC

    Financial market participants will need to embrace the rise of new technology to survive the transition to a post-cash society, an area where China is taking the lead, Andi Dervishi, CIO and global head of fintech, e-payments and new finance at International Finance Corp (IFC), told a conference in Hangzhou.

    • 28 Nov 2017
  • EIB taps South African rand twice in a week

    The European Investment Bank (EIB) tapped South African rand twice this week, amid rising yields in the currency. Elsewhere, the International Finance Corporation (IFC) and World Bank both sold three lots of offshore renminbi, and Nordic Investment Bank (NIB) returned to Hong Kong dollars.

    • 09 Nov 2017
  • Funding scorecard: supranationals

    This week's scorecard looks at the funding progress various supranationals have made in their programmes as the end of the year approaches.

    • 27 Oct 2017
  • IFC 2% USD1bn Oct 22 green bond

    • 19 Oct 2017
  • IFC raises $1bn of green cash at super-tight spread

    The International Finance Corporation achieved the tightest level of the year with a $1bn five year green bond, after managing to pull in its spread 3bp from initial price thoughts to final spread.

    • 17 Oct 2017
  • IFC prepares green bond

    The International Finance Corporation hit screens on Monday, announcing its intention to sell a $1bn green bond on Tuesday.

    • 16 Oct 2017
  • IFC deepens WB ties, preps new financing tools

    The World Bank’s private sector arm is close to executing its first frontier currency hedge as it refocuses on its development mandate, its CEO says.

    • 12 Oct 2017
  • Supras widen niche horizons with MTNs

    Supranationals have delivered a spurt of niche currency medium term notes, returning to old favourites like South African rand as well as making use of demand for more exotic currencies, particularly in Latin America.

    • 05 Oct 2017
  • Funding scorecard: supranationals

    This week's scorecard looks at the progress supranationals have made in their funding programmes this year.

    • 18 Sep 2017
  • EIB and KfW slam-dunk in super charged sterling market

    SSAs enjoyed soaring conditions in the sterling market this week after a summer lull, which bankers attributed to a big Gilt redemption and sterling’s weakening against other main currencies.

    • 31 Aug 2017
  • SSAs broaden horizons with niche MTNs

    Public sector borrowers are adding new flavours to the flurry of emerging market paper that has dominated flows in the medium-term note market throughout the summer, printing trades in currencies they only rarely access.

    • 17 Aug 2017
  • AIIB swipes IFC’s Hartwick

    Asian Infrastructure Investment Bank (AIIB) will add a new member to its rapidly growing treasury team, hiring a mainstay of the International Finance Corporation (IFC).

    • 09 Aug 2017
  • Supras print EM currency flurry

    The summer MTN market has been dominated by niche currency issuance from supranationals.

    • 03 Aug 2017
  • IFC launches first social bond in private placement format

    The International Finance Corporation (IFC) has extended its newly minted social bond programme into the private placement market. MTN bankers believe the social format could prove more popular in the private market than green bonds.

    • 25 Jul 2017
  • Garanti preps for euro covereds after green success

    After selling a green mortgage-backed covered bond to the International Financial Corporation and the European Bank for Reconstruction and Development (EBRD), Garanti Bank expects to sell its first publicly syndicated euro benchmark.

    • 20 Jul 2017
  • Garanti set to issue more green covered bonds

    After selling $150m of green residential mortgage-backed covered bonds to the International Financial Corporation, Garanti Bank expects to sell another deal to the European Bank for Reconstruction and Development.

    • 20 Jul 2017

IFC data breakdown

Sources: IFC, Dealogic

Credit rating Aaa/AAA
Basel II risk weighting
0%
Headquarters
2121 Pennsylvania Avenue, NW,
Washington, DC 20433 USA



Dealer League Table IFC

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 819.48 7 33.70%
2 Citi 575.73 2 23.68%
3 TD Securities Inc 498.53 1 20.50%
3 Bank of America Merrill Lynch 498.53 1 20.50%
5 HSBC 39.38 1 1.62%

Key
officials

Ben Powell, head of funding

Marcin Bill, financial officer

Flora Chao, senior financial officer

Elena Panomarenko, senior financial officer

Yuri Kuroki, associate financial officer

Zauresh Kezheneva, financial analyst

Overview
commentary
The International Finance Corporation (IFC) is a member of the World Bank group. It provides
investment and advisory services to build the private sector in developing countries. The IFC was
established in 1956 and ended that year with 56 member countries. Membership has increased
gradually, standing at 184 at the end of 2011-2012 financial year.

The member countries provide IFC’s authorised share capital of $2.58bn, 51% of the capital are held by G7 countries, collectively determine its policies, and approve investments.
Guarantee All of IFC's notes constitute direct, unconditional, general and unsecured obligations of the corporation. The notes are not obligations of the IBRD or of any of its shareholders and IFC's notes are not fully or partially guaranteed by the World Bank or any of its shareholders.
Ownership
structure
IFC has 184 Member Countries and 51% of the capital is held by G7 countries. IFC has strong shareholder support and is the only supranational with fully paid-in capital, exclusively in US dollars.
Private
placement
policy
IFC aims to maintain its position as an active and flexible issuer of plain vanilla and structured notes and works on reverse enquiry basis offering extensive products including interest rate linked, FX linked, index linked, equity linked, FRNs, emerging market currencies/linkers, Bermudan and European callables. Minimum size $3 million equivalent; maturities ranging from 1 to 30 years.

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,822.01 5 13.56%
2 NatWest Markets 3,741.73 3 10.52%
3 Citi 3,544.03 6 9.97%
4 Goldman Sachs 3,231.80 5 9.09%
5 Barclays 2,461.72 2 6.92%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,145.87 7 13.09%
2 Citi 7,659.35 12 12.31%
3 Deutsche Bank 7,459.81 7 11.99%
4 Goldman Sachs 6,147.24 8 9.88%
5 JPMorgan 6,097.01 8 9.80%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 7,351.66 8 10.92%
2 JPMorgan 6,925.07 9 10.29%
3 Credit Agricole CIB 6,342.60 7 9.42%
4 Goldman Sachs 5,890.15 6 8.75%
5 Citi 5,011.57 14 7.45%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,413.64 38 9.65%
2 JPMorgan 14,557.48 43 9.12%
3 Goldman Sachs 12,082.56 15 7.57%
4 Deutsche Bank 11,377.72 21 7.13%
5 HSBC 10,585.95 16 6.63%