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PRESS RELEASE October 11, 1987

World Bank Announces Prepayment of Japanese Yen Public Bond Issue

The World Bank announced today that it intends to prepay its 8.2 percent Japanese Yen Bonds of 1979 due 1994 (Series 10) at the next prepayment date on December 27, 1987. The amount to be prepaid is Yen 25,092 million (currently, about $171 million), including the prepayment premium to investors of 2.0 percent of par.

The World Bank has decided to prepay this bond issue because its yield is appreciably higher than current market levels. In prepaying these bonds, the Bank is pursuing its general policy of exercising its prepayment rights in all markets where such action obtains substantial benefits for its borrowing member countries.

To date the Bank has exercised prepayment rights with respect to borrowings denominated in Japanese Yen, Swiss francs and Luxembourg francs.