The International Bank for Reconstruction and Development (IBRD) signed a subscription agreement in London yesterday for a public offering of 10-year bonds of Yen 20 billion (approximately $85.3 million).
The issue is being offered in the international capital markets. It is being managed by a consortium of banks headed by Yamaichi Securities Company Limited. The co-managers are: The Nikko Securities Company (Europe) Limited, Daiwa Europe Limited, Nomura International Limited, Algemene Bank Nederland N.V., Bank of Tokyo International Limited, Deutsche Bank Aktiengesellschaft, IBJ International Limited, LTCB International Limited, Nippon Credit International (HK) Limited and S.G. Warburg and Company Limited.
The 7-5/8% bonds are priced at 99-7/8% and the yield to investors is 7.64%. Interest is payable annually on November 25.
The bonds may not be redeemed prior to maturity. Applications are being made to list the bonds on the Luxembourg Stock Exchange and The Stock Exchange of Singapore.
Including this borrowing, The World Rank has concluded five EuroYen issues for an aggregate amount of Yen 100 billion (about $427 million equivalent).
