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PRESS RELEASE July 26, 1972

World Bank Signs Agreements for 20 Billion Yen 15-Year Bond Issue

S. Aldewereld, Vice President - Finance of the World Bank, signed agreements today in Tokyo in connection with a public issue of the Bank's bonds in Japan.

The documents provide for an issue of 20 billion yen of 7.00% fifteen-year bonds that will be offered in the Japanese market by a syndicate of underwriters headed by Yamaichi Securities Company, Limited, in association with a group of commissioned companies headed by the Industrial Bank of Japan, Limited.

This will be the first issue of bonds with a maturity as long as 15 years to be offered in the post-war Japanese capital market since the reopening of this market in 1949.

The bonds will be offered at par. They are dated August 4, 1972, with a final maturity of August 4, 1987. The bonds will be redeemed at par in equal installments of yen 1.4 billion each from 1978 through 1986 with a final installment of yen 7. 4 billion payable on August 4, 1987.

This is the World Bank's fourth public issue in the Japanese market. The first was offered in June 1971 and amounted to yen 11 billion of 7 3/4% ten-year bonds offered at 99.5% of par, the second was offered in September 1971 and amounted to yen 12 billion of 7.50% ten-year bonds offered at 99.5% of par; and the third was offered in February 1972, and amounted to yen 15 billion of 7.40% ten-year bonds offered at 99.50% of par.

Total funds raised by the World Bank in Japan, including the issue announced today, will amount to yen 315 billion equivalent to approximately $1 billion at current central exchange rate, including yen 257 billion borrowed from the Bank of Japan and yen 58 billion borrowed in the Japanese investment market.