The World Bank and a syndicate of German banks, headed by the Deutsche Bank AG, as manager, and the Dreadner Bank Ag, the Commerzbank AG, and the Westdeutsche Landesbank Girozentrale, as co-managers, signed today an agreement covering a new issue of bonds in an aggregated principal amount of DM 300 million (approximately U.S.$ 115 million at current exchange rates). The issue bears interest at the rate of 7.75% per annum. Payable annually on April 15, and will be offered publicly at par. The bonds will be repaid at par on April 15, 1992 and will be non-callable. The bonds will be listed on all German stock exchanges. This will be the World Bank’s 45th public issue in the German capital markets.
The proceeds of this issue will be used in the general operations of the World Bank.
Including this issue, the World Bank’s outstanding Deutsche Mark obligations, consisting of both public and private borrowings, aggregate approximately DM 20.2 billion (approximately U.S.$ 7 .7 billion at current exchange rates).