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PRESS RELEASE May 17, 1989

World Bank Borrows Spanish Pesetas

The World Bank today borrowed Pts. 10 billion (US$ 83 million) through a 5-year noncallable public bond offering in the Spanish peseta market. The bonds have an issue price of 101-3/8 percent and carry a 12-3/8 percent coupon, payable annually, for a yield of 11.65 percent on a semiannual equivalent basis.

The issue, which will settle on June 21, 1989, will be placed by an underwriting syndicate lead managed by J.P. Morgan Espana. The bonds constitute the fifth issue launched by the World Bank in the Spanish peseta market and will be listed on the Madrid Stock Exchange. International clearance of the bonds will be provided by CEDEL and EUROCLEAR.

The proceeds of this issue will be swapped into U.S. dollars which will be used in the general operations of the World Bank.