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PRESS RELEASE July 10, 1987

World Bank Announces First Public Issue in Kuwaiti Dinars

The World Bank announced today the signing of KD 30 million ($106 million) public offering in the domestic Kuwaiti dinar market. The 7-year bonds, which will mature on July 27, 1994, have a 7-1/2 percent coupon, payable annually, and an offering price of par for a yield of 7.36 percent on a semi-annual coupon equivalent basis. The issue may be called in whole or in part at 101 percent or 100.5 percent on July 27, 1992 or July 27, 1993, respectively.

This is the World Bank's first public offering and issuance of bonds in the Kuwaiti capital market. Seven previous borrowings in that market were private placements.

The issue is lead managed by The National Bank of Kuwait with Kuwait Foreign Trading Contracting & Investment Company and Kuwait International Investment Company as co-lead managers and 13 other financial institutions domiciled in Kuwait as co-managers. The proceeds of the issue will be used in the general operations of the World Bank.