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PRESS RELEASE February 3, 1992

World Bank Announces Portuguese Escudos Public Bond Offering

The World Bank announced the launching today of its second Portuguese escudo public bond offering. The Esc 16.9 billion (about US$122.3 million issue has a 5-year maturity, an annual coupon of 11.50 percent and an offering price of 100.75, for a yield of 10.99 percent on a semiannual equivalent basis.

The issue will be placed by an underwriting syndicate lead-managed by Finantia Sociedade de Investimentos, S.A. with Banco Portugues de Investimento, S.A. and Deutsche Bank de Investimento, S.A. as co-lead managers. The bonds will be listed on the Lisbon and Luxembourg Stock Exchanges. International clearance of the bonds will be provided by Euroclear and CEDEL.

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