The World Bank announced the launching today of a Pts. 6 billion (USD 55.4 million equivalent) public bond offering in the Spanish peseta market. The issue is a reopening of the Bank's 11-3/8 percent Spanish peseta bond issue of 1989, due October 25, 1994. Accordingly, the bonds have a 4-1/2-year maturity, an annual coupon of 11-3 / 8 percent and an offering price of 91.972, for a yield of 13.49 percent on a semiannual equivalent basis.
This issue will be placed by an underwriting syndicate lead managed by Banco Hispano Americano. The bonds constitute the eighth 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 and will be used in the general operations of the World Bank.