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PRESS RELEASE January 11, 1990

World Bank Announces Second Borrowing of Hong Kong Dollars

The World Bank launched its second Hong Kong dollar borrowing, a HK$500 million (about US$64 million) six-year noncallable public bond offering. The bonds have an issue price of 100-1/2 and an 8.95 percent coupon, payable semi-annually, for a yield of 8.84 percent.

This issue, which will be settled on February 12, 1990, will be placed by an underwriting syndicate lead-managed by Paribas Asia (1986) Limited as arranger and bookrunner, and by Fuji International Finance (HK) Limited as Japanese coordinator.

The proceeds of this issue will be swapped into fixed rate Deutsche mark which will be used in the general operations of the World Bank.