The World Bank today launched a Lire 300 billion (about US$ 265.S million) public offering of Italian lira bonds in the Euromarket. The 7-year Eurolira bonds, which have a bullet maturity, carry a 12-1/8 percent coupon and are priced at 101-3/8 for a contractual yield of 11.50 percent on a semi-annual equivalent basis. The bonds will mature on January 2, 1998.
The underwriting group, which is lead managed by Istituto Bancario San Paolo di Torino, consists primarily of banks from Italy and other European countries.
The proceeds of this issue will be swapped into Deutsche Mark and Swiss francs which will be used in the general operations of the World Bank.