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PRESS RELEASE November 21, 1990

World Bank Announces Borrowing of Hong Kong Dollars 600 Million

The World Bank launched its third Hong Kong dollar borrowing yesterday, a HKD600 million (US$77.0 million) five-year public bond offering. The bonds had an issue price of 100-1/2 and a semi-annual 9.50 percent coupon for a yield of 9.37 percent. The bonds are not callable prior to maturity on December 18, 1995.

This issue will be placed by an underwriting syndicate lead managed by Sanwa International Finance Limited as arranger and book runner, and by Paribas Asia Limited and Schroders Asia Limited as co-lead managers.

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