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PRESS RELEASE September 22, 1988

World Bank Borrows and Swaps Finnish Markkaa

The World Bank announced today a new borrowing in Finnish markkaa, a Fmk 300 million (US$68 million) public issue. Priced at 100.50 percent with a 9-5/8 percent coupon, payable annually, the 7-year notes will yield 9.31 percent on a semi-annual equivalent basis. The notes will be repaid on October 21, 1995.

The issue was underwritten by an international syndicate, consisting of members from Finland and other countries, and lead managed by Union Bank of Finland. This is the World Bank's fourth public issue of Finnish markka notes. The notes will be listed on the Helsinki Stock Exchange.

The World Bank will swap the proceeds of the issue for U.S. dollars.