The World Bank today borrowed ECU 100 million (US$ 110 million) through a five-year noncallable public bond offering. The bonds have an issue price of 101-7/8 and carry a 9 percent coupon, payable annually, for a yield of 8.35 percent on a semi-annual equivalent basis.
This issue will be placed by an international underwriting syndicate lead managed by Paribas Limited. The bonds, the World Bank's first European Currency Unit issue for its 1990 fiscal year ending June 30, will be listed on the Luxembourg Stock Exchange.
The proceeds of this issue will be swapped into Deutsche Mark which will be used in the general operations of the World Bank.