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IDB launches HKD1.75 billion medium-term bond issue

The Inter-American Development Bank today launched a HKD 1.75 billion (about US$225 million) bond issue under its Euro Medium-Term Note Program.

HSBC is the lead manager of the issue, which matures on November 12, 2002 and pays a quarterly coupon of 7.55 percent. The issue was priced at 100 percent.

This is the largest Hong Kong dollar issue this year by a multilateral institution and the largest Hong Kong dollar issue ever by the IDB.

With this financing, the IDB has raised a total of $8.6 billion during the 1999 fiscal year through 24 separate transactions.

Its funding program for the year calls for up to $9 billion to be borrowed in a combination of currencies.

The proceeds of the issues are used to help finance the social and economic development of the IDB's Latin American and Caribbean member countries.

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