The deal was so full of firsts that the borrower’s name could not have been more appropriate. It was the first time the IFC had set up a US commercial paper programme for a client, the first private Thai company to tap that market and the first time IFC had syndicated a letter of credit. Capping that, the deal was the largest financing it had ever arranged for a financial institution, the World Bank’s commercial arm trumpeted in March 1995.
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