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PRESS RELEASE June 10, 1988

World Bank Borrows Australian Dollars 150 Million

The World Bank today borrowed A$150 million (US$121 million) through a five-year noncallable public bond offering in the Euromarket. The bonds have an issue price of 101-7/8 and carry a 12-3/4 percent coupon, payable annually, for a yield of 11.87 percent on a semi-annual equivalent basis.

This issue, which will settle on July 15, 1988, will be placed by an international underwriting syndicate lead managed by ANZ Merchant Bank Limited. The bonds constitute the seventh issue launched by the World Bank in the Euro-Australian dollar market and will be listed on the Luxembourg Stock Exchange.

The proceeds of this issue were swapped into floating rate U.S. dollars which will be used in the general operations of the World Bank. This is the first swap by the Bank into U.S. dollars.

 


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