The World Bank and a syndicate of German Banks headed by the Deutsche Bank, A.G., as Manager, and the Dresdner Bank, A.G., as Co-Manager, signed today an agreement covering a new issue of World Bank Deutsche Mark Bonds. The principal amount of the issue is DM 250 million.
The interest rate on the issue is 6 3/8% payable annually on May 1. The Bonds will be publicly offered at par. The issue will be repayable, at par, after a five-year grace period, in ten equal annual installments on May 1 of each of the years 1979 to 1988.
The Bonds will be listed on all German Stock Exchanges.
The proceeds of this issue will be used in the general operations of the World Bank. Including this issue, the World Bank has publicly offered Deutsche Mark obligations in excess of DM 3.1 billion.