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PRESS RELEASE July 12, 1978

World Bank Announces Public Offering of Yen 75 Billion 15-Year Bond Issue

A public offering of Yen 75 billion ($371 million) principal amount of bonds of the International Bank for Reconstruction and Development (World Bank) was announced in Tokyo today. The offering, which is the largest single issue offered publicly by the World Bank, is being made through a syndicate of securities firms headed by The Nomura Securities Co., Ltd. in association with a group of commissioned companies headed by The Industrial Bank of Japan, Ltd.

The bonds, Fifteen Year Bonds of 1978 - Ninth Series, are priced at par. They will have a final maturity date of July 28, 1993 and will be redeemed at par in equal installments of Yen 4.5 billion in each of the years 1984 through 1992 and one final installment of Yen 34.5 billion in 1993.

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 the continuing support from the Japanese authorities and the investing public towards the development efforts of the World Bank. He commented that with the support of its member governments and individuals who continue to invest in World Bank securities, it is possible for the World Bank to continue its operations and attain its goals for development.

Total funds raised by the World Bank denominated in Japanese Yen, including the present issue, amount to Yen 836,800 million ($4,143 million} of which Yen 672,500 million ($3,329 million), including the issue announced today, remain outstanding.