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PRESS RELEASE December 8, 1988

World Bank Announces First Borrowing of New Zealand Dollars

The World Bank today launched its first New Zealand dollar borrowing, a NZ$75 million (about US$48.9 million) five-year noncallable public bond offering in the Euromarket. The bonds have an issue price of 102 and carry a 14 percent coupon, payable annually, for a yield of 13 percent on a semi-annual equivalent basis.

This issue which will settle on February 2, 1989 will be placed by an international underwriting syndicate lead managed by Hambros Bank Limited. The bonds will be listed in the Luxembourg Stock Exchange.

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