The International Bank for Reconstruction and Development (World Bank) announced today its second Euro Canadian Dollar borrowing consisting of Can$ 75 million (US$58 million equivalent) principal amount of 12-3/4 % Seven Year Notes of 1984, due October 2, 1991. The issue was offered at 99-1/4% and is non-callable. The yield to subscribing investors is 12.92%.
The borrowing was lead managed by Wood Gundy Inc., with Swiss Bank Corporation International Limited as co-lead manager, and in association with a group of thirteen co-managers.
The net proceeds to the World Bank from this borrowing will be used in the general operations of the Bank.
The World Bank is headquartered in Washington, D.C. and has been in operation since June 1946. Its membership comprises 147 governments around the world. The principal purpose of the Bank is to promote the economic development of its member countries in the interest of fostering the long-term growth of international trade and improved standards of living. Its principal activity is providing loans for specific projects and related technical assistance. From its establishment to June 30, 1984 the Bank had approved loan commitments in an aggregate principal amount equivalent to about $102.8 billion to finance programs and projects in 102 countries.