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PRESS RELEASE July 16, 1987

World Bank Announces Public Issue in Spanish Pesetas

The World Bank announced today its first pesetas issue in the Spanish market, a Ptas 10 billion ($79 million) public offering. It consists of 10-year bonds priced at par that will pay 12.25 percent interest annually for a yield to initial investors of 11.90 percent on a semi-annual coupon equivalent basis. The issue will mature on September 8, 1997.

The offering is being made through a syndicate of banks which is headed by Morgan Guaranty S.A.E. as lead manager and Banco Hispano Americana as co-lead manager.

The bonds will be listed on the Madrid Stock Exchange. The proceeds of this issue will be swapped and will be used in the general operations of the World Bank.