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PRESS RELEASE July 14, 1987

World Bank Announces SwF 200 Million 15-Year Public Bond Issue

The World Bank announced today a SwF 200 million ($131 million) public issue in Switzerland of 15-year Swiss franc bonds. The bonds, issued at par carry a coupon of 5 percent a year, for a yield of 4.94 percent on a semi-annual equivalent basis. The issue will mature on August 20, 2002. The bonds are callable after 8 years at an initial premium of 2-1/2 percent, and annually thereafter at a premium that decreases by 1/2 percent per year until par is reached.

The underwriting group which is lead-managed by Union Bank of Switzerland with Swiss Bank Corporation and Credit Suisse as co-managers, consists of Swiss banks and a group of foreign banks based in Switzerland.

This will be the 55th public issue of the World Bank in Switzerland. The total amount of these public issues, including the current issue, is SwF 6,762 million. Of these, 37 remain outstanding with total proceeds of SwF 5,415 million.