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PRESS RELEASE November 5, 1990

World Bank Announces Eurosterling 100 Million Bond Offering

The World Bank announced today a Pound sterling 100 million (about $194.9 million) 5-year eurosterling issue. The bonds carried a 12 percent annual coupon and an issue price of 102.075. The bonds were reoffered at a fixed price of 100.45, providing a yield to investor of 11.54 percent on a semiannual equivalent basis. The proceeds of the transaction were swapped into Deutsche mark.

The international syndicate for this issue was headed by Samuel Montagu & Co. as lead manager and Barclays de Zoete Wedd, Baring Brothers, Credit Suisse First Boston, UBS Phillips & Drew Securities, and S.G. Warburg Securities as co-lead managers. They were joined by BJ International, Goldman Sachs International, Hambros Bank, Lehman Brothers International, and J.P. Morgan Securities as co-managers.

This transaction is the first eurosterling borrowing by the World Bank under its fiscal year 1991 borrowing program.