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PRESS RELEASE October 8, 1991

World Bank Announces Eurolira Public Issue

The World Bank today launched a public offering of Italian lira bonds in the Euromarket for an amount of Lire 500 billion (about USS 398 million). The 10-year Eurolira bonds, which have a bullet maturity, carry a 10.80 percent coupon and are priced at 101 3/4 percent for a contractual yield of 10.25 percent on a semi-annual equivalent basis. The bonds will mature on November 13, 2001.

The underwriting group, which· is lead-managed by Banca Nazionale del Lavor with Cariplo as joint lead-manager, consists primarily of banks from Italy and other European countries.

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