The World Bank announced today an issue of reverse dual currency 7-year bonds in the aggregate principal amount of Yen 10 billion ($ 69.8 million equivalent). Interest on the notes will be paid i n Australian dollars on an Australian dollar notional amount of A$ 89.3 million at an interest rate of 7.30 percent payable annually. The issue price is 100.625 percent. Principal on the bonds will be redeemed in yen on December 13, 1996.
The issue is being lead managed for the World Bank by Nomura Securities Co., Ltd. The proceeds of this borrowing have been swapped entirely into floating rate US dollars.