Global Discount
Note Program
QUALITY CREDIT, SHORT-TERM
INVESTMENT
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IFC Discount Notes offer investors short-term high
quality investment opportunities in US dollar, Renminbi,
and Turkish Lira
The Global Discount Note Program complements IFC’s
Global MTN program and provides an additional funding
and liquidity management tool for IFC to support IFC’s
trade finance and supply chain initiatives and to expand
the availability of short term local currency finance.
IFC, a member of the World Bank Group, is the largest
global development institution focused exclusively on the
private sector.
We help developing countries achieve sustainable growth
by financing private sector investment, mobilizing capital in
international financial markets, and providing advisory
services to businesses and governments.
We play a catalytic role by demonstrating the profitability of
investments in emerging markets.
IFC was the first multilateral institution to launch
Renminbi (CNH) and Turkish Lira (TRY) discount note
programs to eligible institutional investors globally,
enabling the regular issuance of offshore discount notes
and expanding the availability of short-term localcurrency finance
IFC’s vision is that people should have the opportunity to
escape poverty and improve their lives.
During FY16, IFC issued a total of USD 11.5 billion
under global discount note programs - US$11.2 billion in
U.S. dollars, and CNH 150 million in Chinese yuan
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Member of the World Bank Group
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Highly diversified global portfolio with debt and equity
exposure in more than 120 countries and over 2,000
companies
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IFC has a 0% risk weighting under the Basel
framework
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IFC is owned by governments of 184 member
countries, with approximately 60% of capital held by
AAA/AA sovereigns
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IFC is consistently rated AAA/Aaa (stable outlook) by
Standard & Poor’s and Moody’s
IFC’S VALUE PROPOSITION
PROGRAM HIGHLIGHTS
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Maturities ranging from overnight to 360 days
Offered through various dealers
Daily price posting on Bloomberg IFC<go>2 and
ADN<go>8
Available in bearer form only
Minimum order is $100,000 aggregate face amount
per maturity date
Notes available in USD, CNH, and TRY
S&P Global Ratings bases its ratings on
International Finance Corp.'s (IFC's) very strong
business profile and extremely strong financial
profile. We assess IFC's stand-alone credit
profile (SACP) at 'aaa'.
Standard & Poor’s
AAA
Long-term rating (June 16)
Outlook: Stable
Only supranational with fully paid-in capital
Strong financial profile with substantial capital and
high liquidity
IFC’s Aaa rating and stable outlook are
underpinned by its robust capital base, abundant
liquidity, diversified portfolio, tested preferred
creditor status, highly rated shareholders, and
high degree of shareholder commitment.
Moody’s
Aaa
Long-term rating (Nov 15)
Outlook: Stable
DEALERS & FISCAL AGENTS
IFC’S STRONG FINANCIAL FUNDAMENTALS
as of 30 June 2016
IFC USD notes are offered through the following dealers:
100%
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Barclays Capital
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CastleOak
75%
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Goldman Sachs
50%
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HSBC
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Jefferies
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JPMorgan
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Merrill Lynch
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Nomura
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UBS
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Wells Fargo
The Federal Reserve Bank of New York acts as Fiscal Agent. The
notes settle via Fedwire.
• IFC CNH notes are offered through the following dealers:
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Standard Chartered Bank,
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HSBC
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Mizuho
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Nomura
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JP Morgan
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Credit Agricole
IFC CNH Notes are cleared through Central Moneymarkets Unit
Service, Euroclear, and Clearstream, and settled through Real
Time Gross Settlement in Hong Kong. Citi acts as Fiscal Agent.
• IFC TRY notes are offered through the following dealers:
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HSBC
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JP Morgan
25%
85%
actual
45%
min
0%
(percentage of estimated net cash
requirements for the next 3 years)
Liquidity ratio
4
Debt to net worth,
times
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3
4.0x
max
2.8x
actual
2
1
0
Leverage
$20
$15
$22.5
actual
$19.2
min
$10
$5
$0
Risk-adjusted capital
(in billions)
IFC TRY Notes are cleared through Euroclear and Clearstream.
Citi acts as Fiscal Agent.
CONTACTS
Discount Notes / Cash Management
Amit Jain · Manager · +1 202 473 7907 · [email protected]
Umpai Israngkura Na Ayudhya · Financial Officer · +1 202 458 9655 · [email protected]
Yang Liu Associate Financial Officer +44 207 592 8536 [email protected]
Jorge Valdes · Financial Officer · +1 202 473 0416 · [email protected]
Jacqueline Stapleton · Financial Officer · +44 207 592 8437 · [email protected]
Fanni Lisa Associate Financial Officer +65 9387 3421 [email protected]
Investor Relations
Esohe Denise Odaro · Investor Relations Officer · +1 202 473 0958 · [email protected]
Kenichiro Shiozawa· Senior Investor Relations Officer· +81 3 3597 6699 · [email protected]
Media
Alexandra Klöpfer · Communications Officer · +1 202 473 4645 · [email protected]
www.ifc.org/investors
www.ifc.org/gtfp
Bloomberg: IFC<GO>
IFC · 2121 Pennsylvania Avenue NW · Washington, DC 20433 USA · +1 202 473 8392
This document does not constitute an offer or a recommendation to purchase any notes issued by IFC.
Please refer to our website, www.ifc.org/investors, for additional information.
@ifc_investors
October 2016