The World Bank and a syndicate of German banks, headed by the Deutsche Bank AG, as manager, and the Dresdner Bank AG, the Commerzbank AG, and the Westdeutsche Landesbank Girozentrale, as co-managers, signed an agreement today covering a new issue of bonds in an aggregate principal amount of DM 300 million (approximately U.S. $112 million at current exchange rates). The issue bears interest at the rate of 8% per annum, payable annually on December 1, and will be offered publicly at 99.50. The bonds will be repaid at par on December 1, 1993 and will be non-callable. The bonds will be listed on all German stock exchanges.
The proceeds of this issue will be used in the general operations of the World Bank.
This will be the World Bank's 43rd public issue in the German capital markets. Including this issue, the World Bank's outstanding Deutsche Mark obligations, consisting of both public and private borrowings, aggregate approximately DM 19.4 billion (approximately U.S. $7.2 billion at current exchange rates).
