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PRESS RELEASE October 20, 1988

World Bank Announces Five-Year Euro-Canadian Dollar Note Offering

A Can$150 million (about US$125 million) 5-year, 101-7/8 percent coupon Euro-Canadian dollar note offering was announced today by the World Bank (formally known as the International Bank for Reconstruction and Development). The notes were offered at 101-7/8 to produce a 9.41 percent yield to investors on a semiannual coupon equivalent basis. The notes will be repaid on November 22, 1993 and are noncallable.

The international syndicate for this issue is headed by IBJ International Ltd. as lead manager and Bank of Montreal Capital Markets Limited, RBC Dominion Securities Inc., Scotia McLeod Young Weir Limited and Wood Gundy Inc. as co-lead managers. They were joined by Algemene Bank Nederland N.V., Banca Commerciale Italiana, Bank of Tokyo Capital Markets Limited, Banque Bruxelles Lambert SA, Banque Paribas Capital Markets Limited, Citicorp Investment Bank Limited, Credit Commercial de France, Credit Suisse First Boston Limited, Daiwa Europe Limited, Deutsche Bank Capital Markets Limited, Goldman Sachs International Corp, Merrill Lynch International & Co., JP Morgan Securities Ltd., Morgan Stanley International, Nomura International Ltd., Salomon Brothers International Limited, Societe Generale, Swiss Bank Corporation Investment Banking Ltd., and Union Bank of Switzerland (Securities) Limited as co-managers.

This transaction is the first Euro-Canadian borrowing by the World Bank under its fiscal year 1989 borrowing program.