A ¥50 billion (approximately US$196.9 million) public offering of bonds of the International Bank for Reconstruction and Development (World Bank) was announced in Tokyo today. The 6.70% Fifteen Year Bonds of 1985 are priced 99.75%. They will have a final maturity of January 31, 2000 and will be redeemed at par in nine equal installments of ¥3 billion in each of the years 1991 through 1999 and one final installment of ¥23 billion in 2000. The yield to subscribing investors will be 6.73%.
The offering is being made through a syndicate of securities firms headed by the Nikko Securities Co., Ltd. in association with a group of commissioned companies headed by the Industrial Bank of Japan, Limited.
Mr. Koji Kashiwaya, Director of the Tokyo Office of the World Bank, who signed the agreements for the issue in Tokyo on January 23 on behalf of the Bank, expressed the 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 dominated in Japanese Yen, including the present issue, amount to ¥2,896 billion (approximately US$11.4 billion at current exchange rates) of which ¥2,228 billion (approximately US$8.8 billion), remain outstanding.