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PRESS RELEASE November 12, 1987

World Bank Announces Third “Daimyo” Yen Bond Issue

The World Bank announced today a Yen 50 billion ($368 million) public offering in the Japanese yen market of its "Daimyo" bonds. The bonds will pay 5-5/8 percent interest annually. They are priced at 101-1/8 and have a final maturity of 10 years for a yield of 5.40 percent on a semi-annual coupon equivalent basis. This is the World Bank's third issue of Daimyo bonds.

The offering, which is non-callable, is being made through a syndicate of Japanese and foreign securities firms headed by Nomura Securities Co., Ltd. The agreements will be signed on November 16 in Tokyo.

The Daimyo bonds have special features designed to enhance the issue's liquidity. These include the settlement of trades through international book-entry clearance systems, listing on the Luxembourg Stock Exchange, and market makers in Japan having official permission to take short positions in the issue on a contract basis for up to 20 days. Further, the issue can be reopened and enlarged by future offerings having the same maturity and coupon rate.

The proceeds of the issue will be used in the general operations of the World Bank.