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PRESS RELEASE December 12, 1988

World Bank to Exercise Early Redemption Rights on Swiss Franc Issue

The World Bank announced today that it intends to prepay on March 12, 1989 the aggregate principal amount of SwF l00 million (about $68 million equivalent) of an outstanding Swiss franc public bond issue. The 5-3/4 percent Swiss franc Bonds of 1980, due March 12, 1990, was lead managed by Union Bank of Switzerland.

The Bank exercises prepayment rights where it deems the exercise to be financially beneficial and consistent with the Bank's overall funding strategy. It has previously prepaid borrowings denominated in Swiss francs, Japanese yen, Luxembourg francs, Austrian schilling, Belgian francs and Kuwaiti dinars.