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PRESS RELEASE January 30, 1992

World Bank Announces First Yen Global Bond Issue

The World Bank plans to launch a Japanese yen global bond issue late in the first quarter of 1992. This issue follows six successful U.S. dollar-denominated global bond issues launched by the Bank between September 1989 and January 1992.

The yen global bonds, as with dollar-denominated ones, will be offered simultaneously in primary distribution in the Japanese, European and U.S. markets. These securities also will trade globally, on a 24-hour basis through integrated clearing systems in the U.S. and the Euromarkets. The terms of the new issue will depend on market conditions at the time of launch.

The World Bank announced a multinational management team led by IBJ International, JP Morgan and Nomura Securities, and also including Bank of Tokyo Capital Markets, Daiwa Securities Co. Ltd., Goldman Sachs & Company, LTCB International, Morgan Stanley & Co. Inc., Nikko Securities Co., Ltd., Norinchukin International, Union Bank of Switzerland and Yamaichi Securities Co., Ltd. This management team will be responsible for the distribution of at least 90 percent of the first issue. The Bank also anticipates employing a small group of other managers in the distribution the remainder of the bonds.

Vice President & Treasurer Donald C. Roth stated that "This first yen-denominated global is intended to bring increased liquidity and reduced transaction costs to investors in this important sector of the high-grade bond market. We expect that the World Bank's global bonds in yen, as in dollars, will be an important part of the core portfolios of investors worldwide.”

 


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