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PRESS RELEASE September 19, 1988

World Bank Borrows Spanish Pesetas

The World Bank today borrowed Pts. 15 billion (US$122 million) through a 10-year noncallable public bond offering in the Spanish peseta market. The bonds have an issue price of 99-3/8 percent and carry a 10-3/8 percent coupon, payable annually, for a yield of 10.22 percent on a semi-annual equivalent basis.

This issue, which will settle on October 27, 1988 will be placed by an underwriting syndicate lead managed by Deutsche Bank Aktiengesellschaft - Sucursal en Espana. The bonds constitute the third issue launched by the World Bank in the Spanish peseta market and will be listed on the Madrid Stock Exchange. International clearance of the bonds will be provided by CEDEL and EUROCLEAR.

The proceeds of this issue will be swapped into fixed rate U.S. dollars which will be used in the general operations of the World Bank.