A public offering of ¥20 billion (approximately US$85 million at current exchange rates) principal amount of bonds of the International Bank for Reconstruction and Development (World Bank) was announced in Tokyo today. The offering is being made through a syndicate of securities firms headed by Yamaichi Securities Company, Limited in association with a group of commissioned companies headed by The Industrial Bank of Japan, Limited.
The bonds, 7.60% Twelve Year Bonds of 1983 - Twenty-Fourth Series, are priced at 99.35%. They will have a final maturity date of December 21, 1995 and will be redeemed at par in equal installments of ¥1.6 billion in each of the years 1989 through 1994 and one final installment of ¥10.4 billion in 1995. The yield to subscribing investors will be 7.69%.
Mr. Mitsukazu Ishikawa, Director of the Tokyo Office of the World Bank who signed the agreements for the issue on behalf of the World Bank in Japan, expressed the World Bank's appreciation for this further demonstration of support from the Japanese authorities and the investing public towards the development efforts of the World Bank.
Total funds raised by the World Bank denominated in Japanese Yen, including the present issue, amount to ¥2,336 billion (approximately US$10.0 billion at current exchange rates) of which ¥1,762 billion (approximately US$7.5 billion), including the issue announced today, remain outstanding.