The World Bank announced today an issue of Yen 23 billion (US$ 180 million) in the Euromarket. The 5-year bonds will pay 8.25 percent interest annually. The redemption amount at maturity is linked to the Yen/US$ exchange rate at that time. The issue price of the bonds is 101-5/8 percent of par. The bonds, which are noncallable, will not be listed on any exchange.
The issue is managed by Salomon Brothers International, Ltd., in London.
The cash flows of this transaction have been swapped into floating rate US dollars.
