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PRESS RELEASE July 7, 1988

World Bank Announces Swiss Franc 150 Million Public Issue

The World Bank announced today a public offering in Switzerland of SwF 150 million (about $99.5 million) Swiss franc bonds. The 15-year bonds were issued at 100-1/4 with a coupon of 5 percent a year, for a yield of 4.92 percent on a semi-annual equivalent basis. The bonds will mature on August 8, 2003.

The underwriting group, lead-managed by Credit Suisse with Swiss Bank Corporation and Union Bank of Switzerland as co-lead managers, consists of Swiss banks and a group of foreign banks based in Switzerland.