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PRESS RELEASE September 18, 1992

World Bank Plans Second Yen Global Bond Issue

The World Bank plans to launch a Yen global bond issue in the fourth quarter of 1992. This issue follows seven U.S. dollar and one Japanese yen denominated global bond issues launched by the Bank between September 1989 and September 1992.

The Yen global bonds will be offered simultaneously in primary distribution in the Japanese, European and U.S. markets. The Japanese yen securities are designed to 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 the formation of an international management group of twelve investment dealers that will bring the issue to market. Daiwa Securities, Goldman Sachs International and Nomura Securities will serve as joint lead managers. The other members of the team are Bank of Tokyo Capital Markets Group, IBJ International, J.P. Morgan Securities, LTCB International, Morgan Stanley International, Merrill Lynch International, Nikko Securities Norinchukin International and Yamaichi Securities. This management team will be responsible for the distribution of at least 90% of the issue. A small group of additional managers will also be designated as responsible for the distribution of the remainder.