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PRESS RELEASE August 9, 1991

World Bank Borrows Hong Kong Dollars 500 Million

The World Bank launched its fourth Hong Kong dollar borrowing, a HK$500 million (US$64. 2 million) five-year public bond offering. The bonds have an issue price of 100-1/2 and a semi-annual 9.05% coupon for a yield of 8.92%. The bonds are not callable prior to maturity on September 27, 1996.

This issue was placed by an underwriting syndicate lead-managed by Paribas Asia Limited as arranger and book runner, and by Fuji International Finance (HK) Limited.

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