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PRESS RELEASE September 25, 1991

World Bank Borrows Portuguese Escudos for the First Time

The World Bank announced the launching today of its first Portuguese escudo public bond offering. The Esc 15 billion (US$103.6 million equivalent) issue has a 5-year maturity, an annual coupon of 12 percent and an offering price of 101, for a yield of 11.40 percent on a semiannual equivalent basis.

This issue will be placed by an underwriting syndicate lead managed by Banco Portugues de Investimento, S.A. (bookrunner), with Caixa Geral de Deptsitos as co-lead manager. The bonds will be listed on the Lisbon and Luxembourg Stock Exchanges. International clearance of the bonds will be provided by CEDEL and EUROCLEAR.

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