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PRESS RELEASE September 11, 1990

World Bank Launches $2 Billion Global Bond Issue

The World Bank announced today that its third global bond offering will be a $2 billion 5-year issue to be placed simultaneously in the Euromarkets and the U.S. and Japanese domestic markets. The pricing of the non-callable bonds will occur on Wednesday September 12, 1990, at 10 a.m. New York time, after a one-day worldwide pricing discussion with potential investors in all three of the targeted markets.

The issue will be offered by a multi-national syndicate of 15 leading international dealers, led jointly by Deutsche Bank Capital Markets Limited and Salomon Brothers Inc. All members of the underwriting group expect to be actively involved in the underwriting, distribution and aftermarket trading of the issue.

As with the Bank's first two global bond issues, a $1.5 billion issue with a 10-year maturity launched in September 1989 and a $1.5 billion issue with a 7-year maturity latched in February 1990, the present issue may be held either (1) in accounts with institutions having access to the Federal Reserve book entry system (as with U.S. Treasury securities) or (2) in accounts with Euroclear or Cedel (as with Eurobonds). Bonds in the issue will benefit from the streamlined procedures which have been developed to facilitate settlement between the U.S. and European clearing systems.

The underwriting syndicate for the issue includes, in addition to the previously-mentioned joint lead managers: Credit Suisse First Boston

Limited, Daiwa Securities, Goldman, Sachs & Co., IBJ International Limited, J.P. Morgan Securities, Inc., Lehman Brothers, Merrill Lynch Capital Markets, Morgan Stanley & Co., Incorporated, The Nikko Securities Co., (Europe) Ltd., Nomura Securities, Paribas Capital Markets Group, S.G. Warburg Securities, and UBS Phillips & Drew Securities Limited.

 


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