The World Bank yesterday launched its first floating rate note issue in the Eurolira market. The 8-year notes, aggregating Lira 200 billion (about US$ 137 million), are priced at 100.75. Interest will be payable and reset semi-annually at the lower of the 6-month London interbank bid rate or 5/8 percent below the "Rolint" rate. (Rolint is the mean of the monthly average of outstanding bonds issued by Italian long-term credit institutions and the 3-month offered rate on Italian interbank deposits.) The notes are callable on any interest payment date.
The issue, the Bank's fifth public offering of Italian lira bonds in the euromarket, is underwritten by an international syndicate consisting of banks from Italy and other countries. It is joint lead-managed by Banco di Roma and Istituto Mobiliare Italiano.