A domestic borrowing consisting of $250 million of 8-1/4% 30-year bonds due September 1, 2016 was announced today by the International Bank for Reconstruction and Development (The World Bank). The bonds, non-redeemable prior to maturity, were offered at 99.00 providing a yield of 8.34 percent.
The bonds were offered by Morgan Stanley & Co. Incorporated, First Boston Corporation, Goldman Sachs & Co., Merrill Lynch Capital Markets and Salomon Brothers Inc.
The net proceeds to the World Bank from the sale of the notes will be used in the general operations of the Bank.
The Bank is headquartered in Washington, D.C. and has been in operation since June 1946. Its membership comprises 150 governments. 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 living standards. Its principal activity is providing loans for specific projects and related technical assistance. From its establishment to June 30, 1986, the Bank had approved loans in the aggregate amount of $127.9 billion to finance projects or programs in 102 countries.