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PRESS RELEASE January 15, 1990

World Bank Borrows Spanish Pesetas 10 Billion

The World Bank today borrowed Pts. 10 billion (US$ 91.1 million) through a 5-year noncallable public bond offering in the Spanish peseta market. The bonds have an issue price of 101% and carry a 13.45% coupon, payable annually, for a yield of 12.75% on a semiannual equivalent basis.

This issue, which will settle on February 20, 1990, will be placed by an underwriting syndicate lead managed by Banco Santander de Negocios. The bonds constitute the seventh 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 floating rate U.S. dollars which will be used in the general operations of the World Bank.