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PRESS RELEASE February 19, 1991

World Bank Launches $1.5 Billion Global Bond Issue

The World Bank announced today that its fourth global bond offering will be a $1.5 billion 10-year issue to be placed simultaneously in the Euromarkets and the U.S. and Japanese domestic markets. The pricing of the noncallable bonds will occur on Wednesday, February 20, 1991, at about 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 10 leading international dealers, led jointly by Merrill Lynch & Co. and J.P. Morgan Securities Ltd. 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 three global bond issues, 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, Deutsche Bank Capital Markets Limited, Goldman, Sachs & Co., IBJ International Limited, Nomura Securities, Salomon Brothers Inc., and UBS Phillips & Drew Securities Limited.