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PRESS RELEASE April 18, 1990

World Bank Announces Record Eurolira Public Issue

The World Bank today launched its eighth public offering of Italian lira bonds in the Euromarket for an aggregate amount of Lire 400 billion (about US$ 325 million), the largest Eurolira issue ever launched. The bonds, which have a five-year bullet maturity, carry a 12-1/8 percent coupon and are priced at 101.30 percent for a contractual yield of 11.44 percent on a semi-annual equivalent basis. The bonds will mature on May 17, 1995.

The underwriting group, which is lead managed by Banca Nazionale del Lavoro with Istituto Bancario San Paolo di Torino as joint lead manager, consists of banks from Italy and other European countries.

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