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PRESS RELEASE September 15, 1977

World Bank Signed Agreements for Issue and Placement of DM Bonds and Notes

The World Bank and a syndicate of German banks, headed by the Deutsche Bank AG, as manager, and the Dresdner Bank AG, the Commerzbank AG and the Westdeutsche Landesbank Gironzentrale as co-managers, signed today an agreement covering a new issue of DM 300 million. The interest rate of the Bonds is 6% per annum, payable annually on September 15. The Bonds will be offered publicly at par. The Bonds will be repaid at par on September 15, 1985 and will be non-callable.

The Bonds will be listed on all German stock exchanges. Including this issue, the World Bank has offered publicly Deutsche mark obligations aggregating about DM 5.22 billion since 1959.

In addition, the World Bank signed today an agreement with the Deutsche Bank AG and the Dresdner Bank AG for a private placement of Deutsche Mark Notes in the principal amount of DM 150 million. The interest rate on the Notes is 5-1/2% per annum, payable annually on September 15. The Notes will be repaid at par on September 15, 1982 and will be non-callable.

The proceeds of these two issues will be used in the general operations of the World Bank.

 


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