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PRESS RELEASE March 10, 1992

World Bank Prices its Yen 250 Billion Global Bond Issue

The pricing of the World Bank's first Yen Global Bond offering was announced this morning. 

The Yen 250 billion 10-year issue was launched yesterday simultaneously in the Euromarkets and the Far Eastern and North American markets. The bonds are denominated in Japanese yen and have a 5.25 percent coupon, payable semiannually. They were offered at 99.23 percent, to yield 5.35 percent (semi-annual).

There has been strong international demand for the Yen Global Bond, the largest internationally distributed non-governmental Yen bond issue. Two-thirds of the issue has been placed in Europe and Asia outside Japan, one-fifth in Japan and the remainder in North America.

"The active participation of all market centers reflects understanding by Yen investors of the World Bank's premier credit, the enhanced liquidity and reduced transaction costs that characterize its Global Bond instrument, and the outstanding performance of the international syndicate for the issue," said Jessica P. Einhorn, the Bank's Vice President and Treasurer.

The management group for the issue consisted of IBJ International,

JP Morgan Securities and Nomura Securities, acting as joint-lead managers, and Bank of Tokyo Capital Markets Group, Daiwa Securities, Goldman Sachs International Limited, LTCB International Limited, Morgan Stanley International, Nikko Securities, Norinchukin International plc, UBS Phillips

& Drew Securities Limited and Yamaichi Securities as co-lead managers. Additional co-managers for the issue were Credit Suisse First Boston Limited, Merrill Lynch International Limited, Mitsubishi Finance International plc, Mitsui Taiyo Kobe International Limited, Mitsui Trust International Limited, New Japan Securities Europe Limited, Nippon Credit International Limited, Salomon Brothers International Limited, Sumitomo Finance International Limited and S.G. Warburg Securities.

 


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