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PRESS RELEASE May 17, 1990

World Bank Borrows European Currency Units

The World Bank today borrowed ECU 125 million (about US$ 156 million) through a five-year noncallable public bond offering. The bonds have an issue price of 101.55 and carry a 10-3/8 percent coupon, payable annually, for a contractual yield of 9.73 percent on a semi-annual equivalent basis.

This issue will be placed by an international underwriting syndicate lead managed by Credit Commercial de France with Industrial Bank of Japan International Limited as joint lead manager. The bonds will be listed on the Luxembourg Stock Exchange.

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