The International Bank for Reconstruction and Development (World Bank) today entered into an underwriting agreement for an issue of £100 million 20 year Loan Stock. The issue has been underwritten by a group of London merchant banks under the lead management of Baring Brothers & Co., Limited. The other managers are Hambros Bank Limited, Hill Samuel & Co. Limited, Kleinwort, Benson Limited, Lazard Brothers & Co., Limited, Morgan Grenfell & Co. Limited, N.M. Rothschild & Sons Limited, J. Henry Schroder Wagg & Co. Limited and S.G. Warburg & Co. Ltd. Brokers to the issue are Cazenove & Co., W. Greenwell & Co. and Rowe & Pitman.
The prospectus in respect of this issue will be published on November 1, 1983. The Stock will carry a rate of interest and be issued at a price to produce a gross redemption yield of one percent over the gross redemption yield on the 13-1/4% Treasury Stock 2004-08 at close of business on November 2, 1983. The basis of allotment will be announced by November 4, 1983 and dealings will commence on the same day.