A public borrowing in the U.S. capital markets of Can$150 million (US$108 million) 9.35% Notes, due November 6, 1991, was announced by the International Bank for Reconstruction and Development (World Bank). It is the World Bank's first non-U.S. dollar public offering in the United States and its largest Canadian dollar borrowing to date. The non-callable issue was offered at 99.80%, to yield 9.40% on a semi-annual equivalent basis.
The borrowing was lead managed by The First Boston Corporation, in cooperation with an underwriting syndicate of investment dealers headquarter d in the U.S. and Canada.
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 151 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 had approved loans in the aggregate amount of $127.9 billion to finance projects or programs in 102 countries, including loan to the International Finance Corporation.
