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PRESS RELEASE November 23, 1977

Word Bank Announces Public Offering of ¥50 Billion 15-Year Bond Issue

The public offering of ¥50 billion ($207 million) principal amount of bonds of the International Bank for Reconstruction and Development (World Bank) was announced in Tokyo today. The offering, which is approximately twice the largest issue of its kind in the Japanese public market, is being made through a syndicate of securities firms headed by Yamaichi Securities Company, Limited in association with a group of commissioned companies headed by The Industrial Bank of Japan, Limited.

The bonds, 6.8% Fifteen Year Bonds of 1977 - Eighth Series, are priced at 100%. They will have a final maturity date of December 9, 1992 and will be redeemed at par in equal installments of ¥3 billion in each of the years 1983 through 1991 and one final installment of ¥23 billion in 1992.

Mr. Eugene H. Rotberg, Vice President and Treasurer, who signed the agreements for the issue on behalf of the World Bank in Japan, expressed the World Bank's appreciation for this further demonstration of support from the Japanese authorities and the investing public towards the development efforts of the World Bank. He commented that the World Bank's program and goals could only be attained with the support of its member governments and the investing public.

Total funds raised by the World Bank denominated in Japanese Yen including the present issue, amount to ¥731,800 million ($3,024 million) of which ¥571,600 million ($2,362 million), and including the issue announced today remain outstanding.