The World Bank today launched its second public bond issue in European Currency Units (ECU) during Fiscal Year 1992. The 10-year ECU 150 million offering, which has a call option after five years, was increased shortly after launch to ECU 200 million (about US$250 million equivalent). The bonds carry a par issue price, a coupon of ECU Libor less 62.5 basis points and were offered at 99.85 to yield ECO Libor less 60 basis points on a quarterly basis.
The ECO-denominated issue will be placed by an international underwriting syndicate lead managed by Union Bank of Switzerland Phillips & Drew, London. The bonds will be listed on the Luxembourg Stock Exchange.
The proceeds of this issue will be swapped into Deutsche mark which will be used in the general operations of the World Bank.