The International Bank for Reconstruction and Development (World Bank) announced today a Canadian $75 million (US$57.1 million) public offering to investors in Asia and the Middle East. The issue, 12-1/2% Seven-Year Notes due October 25, 1991, will be offered at 99.75% and will be non-callable. The yield to subscribing investors will be 12.56%.
The borrowing will be lead managed by Daiwa Securities Co. Ltd. in association with a group of 16 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 148 governments around the world. The principal purpose of the Bank is to promote the economic development of its member countries, primarily by 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 US$102.8 billion to finance programs and projects in 102 countries.