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PRESS RELEASE February 13, 1991

World Bank Announces Deutsche Mark Offering with Warrants

The World Bank has issued DM 200 million (about US$137 million) of 10-year bonds (Series A bonds). The Bank has the right to redeem the bonds prior to maturity at specified dates, falling 2, 3 and 4 years after issuance. The Series A bonds carry an 8-1/2 percent coupon and are priced at par, for a yield of 8.33 percent on a semiannual coupon equivalent basis.

Simultaneously, the World Bank also has sold an issue of warrants. The holders of the warrants are entitled to subscribe, at specified dates and at a pre-determined price, to noncallable World Bank DM-denominated bonds (Series B bonds). The Series B bonds will have a coupon and final maturity date that are identical to those of the Series A issue.

The lead-manager for these transactions is Commerzbank AG. The bonds and warrants will be listed on the Frankfurt Stock Exchange.

Proceeds will be used in the general operations of the World Bank.