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PRESS RELEASE November 21, 1978

World Bank Signs Agreement for New DM 400 Million 10-Year Bond Issue

The World Bank and a syndicate of German banks, headed by the Deutsche Bank AG, as manager, and the Dresdner Bank AG, the Corrmerzbank AG and the Westdeutsche Landesbank Girozentrale as co-managers, signed today an agreement for a new issue of DM 400 million {approximately US$ 212.3 million equivalent). The interest rate of the Bonds is 6-1/4% per annum, payable annually on December 1. The Bonds will be offered publicly at 99.50%. The Bonds will be repaid at par on December 1, 1988 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 DM 6.5 billion since 1959.

The proceeds of this issue will be used in the general operations of the World Bank.