A public borrowing in the Japanese capital markets of Can$100 million 9 percent notes, due September 3, 1996, was announced by the International Bank for Reconstruction and Development (World Bank). The issue was offered at 100.85 percent and is not callable prior to final maturity. The yield to subscribing investors is 8.68 percent on a semi-annual equivalent basis.
The borrowing was lead-managed by The Nomura Securities Co., Ltd., with Daiwa Securities Co., Ltd., The Nikko Securities Co., Ltd., Yamaichi Securities Company, Limited, Kokusai Securities Co., Ltd., New Japan Securities Co., Ltd., The Nippon Kangyo Kakumaru Securities Co., Ltd., and Sanyo Securities Co., Ltd.
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 operating since 1946. Its membership comprises 150 countries. The principal objective 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 and support for major programs of economic reform in borrowing member countries. From its establishment to June 30, 1986, the Bank has approved loans in the aggregate amount of $127.9 billion to finance projects or programs in 102 countries, including loans to the International Finance Corporation.