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PRESS RELEASE March 5, 1992

World Bank Completes Syndicate for First Yen Global Bond

The formation of the underwriting syndicate for the World Bank's forthcoming Yen Global Bond issue has been completed. On January 30, the World Bank identified the 12 multinational dealers who will be responsible for distributing 95 percent of the issue - IBJ International, JP Morgan and Nomura Securities, acting as joint lead managers, and 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., as co-lead managers. Today, the World Bank named 10 additional firms as co-managers for the issue - Credit Suisse First Boston, Merrill Lynch, Mitsubishi Finance International, Ltd., Mitsui Taiyo

Kobe International, Ltd., Mitsui Trust International, Ltd., New Japan Securities Europe Limited, Nippon Credit International Limited, Salomon Brothers Inc., Sumitomo Finance International Limited and S.G. Warburg.

The Yen Global Bond issue is expected to be launched early next week. Its size, as large as Yen 250 billion, will make the Yen Global Bond the largest internationally distributed non-governmental bond issue in that currency. The precise terms of the issue will be established in consultation among investors, dealers and the World Bank immediately before launch, based on the then-current market conditions. Like the World Bank's six earlier U.S. dollar Global Bond issues, the Yen Global Bond will be placed directly in the United States, the Euro-markets and Japan. Yen Global Bonds will also trade globally, on a 24-hour basis, using integrated clearing systems in the U.S. and Europe.

Jessica P. Einhorn, the World Bank's Vice President and Treasurer, noted that "We have undertaken an extensive series of direct investor meetings to introduce this product and have been encouraged by the positive responses. Through this newest Global Bond, we hope to deliver enhanced liquidity and reduced transaction costs to yen investors world-wide."