A borrowing in the U.S. market consisting of $400 million of 9-1/4 percent 30-year bonds due July 15, 2017 was announced today by the International Bank for Reconstruction and Development (The World Bank). The bonds were offered at par and are non-callable. This is the first underwritten U.S. dollar transaction of the Bank for its 1988 fiscal year which begins on July 1, 1987.
The bonds were offered by Goldman, Sachs & Co., Merrill Lynch Capital Markets, Salomon Brothers Inc., Morgan Stanley & Co. Incorporated, and the First Boston Corporation.
The net proceeds from the sale of the bonds will be used in the general operations of the World Bank.
The Bank is headquartered in Washington, D.C. and has been in operation since June 1946. Its membership comprises 151 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 and related technical assistance for specific projects and for programs of economic reform in developing member countries. From its establishment to December 31, 1986, the Bank had approved loans in the aggregate amount of $131.5 billion to finance projects or programs in 104 countries.