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PRESS RELEASE April 6, 1987

World Bank Announces 20-Year Fixed-Rate Eurosterling Issue

The World Bank announced today a 20-year fixed-rate eurosterling issue of pounds sterling 200 million ($329. 6 million) bonds. The bonds carry an annual coupon of 9-1/4 percent and are priced at 98.75 for a yield to subscribing investors of 9.18 percent on a semi-annual equivalent basis. Interest on the bonds, which mature on July 20, 2007, will be paid annually on July 20.

This is the largest issue ever brought in the eurosterling fixed-rate market, and the first long-dated eurosterling issue by the World Bank, formally known as the International Bank for Reconstruction and Development. It is also the largest sterling issue by a sovereign or supranational.

The issue is offered through a syndicate headed by Baring Brothers & Co., Limited as lead manager, with Algemene Bank Nederland N.V., Banque Paribas, Barclays de Zoete Wedd Limited, County NatWest Limited, Credit Suisse First Boston, Daiwa Europe Limited, Deutsche Bank Aktiengesellschaft, Generale Bank, Goldman Sachs International Corp., Hambros Bank Limited, Hill Samuel & Co., Limited, Kleinwort Benson Limited Lloyds Bank International Limited, LTCB International Limited, Merrill Lynch Capital Markets, Samuel Montagu & Co., Limited, Morgan Grenfell & Co. Limited, Morgan Guaranty Ltd, Nomura International Limited, Orion Royal Bank Limited, Salomon Brothers International, Security Pacific Hoare Govett, J . Henry Schroeder Wagg & Co. Limited, Swiss Bank Corporation International Limited, Union Bank of Switzerland (Securities) Limited and S. G. Warburg Securities as co- managers.

The proceeds of the issue will be used in the general operations of the World Bank.

 


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