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PRESS RELEASE October 30, 1987

World Bank Borrows and Swaps Finnish Markkaa

The World Bank announced today a new borrowing in Finnish markkaa, a Fmk 300 million ($69 million) public issue. Priced at 101% with a 9-7/8 percent coupon, payable annually, the 5-year notes will yield 9.39 percent on a semi-annual equivalent basis. The notes will be repaid on November 30, 1992. Postipankki is the lead-manager for this transaction. The notes will be listed on the Helsinki Stock Exchange.

The Bank will swap the proceeds of the issue for Japanese Yen. Swaps enable the World Bank to lower its average nominal cost of medium- and long- term borrowing and thereby the cost of funds available for lending to developing countries.