The World Bank today offered a public issue of Australian dollar notes in the Euromarkets in an amount of a$ 100 million (US$ 72 million). It consists of five-year notes priced at 101-7 8 with a 13-3 8 percent coupon, payable annually, with a yield to initial investors of 12.5 percent on a semi-annual coupon equivalent basis. The notes will be repaid on July 20, 1992 and are non-callable.
The proceeds were swapped into Swiss francs.
The issue was lead managed by Hambros Bank Limited and co lead managed by Citicorp Investment Bank and Deutsche Bank Capital Markets Limited, in cooperation with an underwriting syndicate of international financial institutions. The notes will be listed on the Luxembourg Stock Exchange.
This is the World Bank's fourth issue of Australian dollar notes, and the first Australian dollar issue for its fiscal 1988. That fiscal year begins on July 1, 1987. The proceeds of this issue will be used in the general operations of the World Bank.