The World Bank today launched its first ever South African rand (ZAR) public issue in the Euromarket for an amount of ZAR 200 million (about US$ 46 million equivalent). The three-year notes have a bullet maturity, carry an annual coupon of 13-5/8 percent and are priced at 101.375 percent of par. The notes will mature on August 12, 1999.
The underwriting group, which is lead-managed by Hambros Bank Limited (London), consists of banks from the Federal Republic of Germany, United Kingdom and The Netherlands.
The proceeds of this transaction were swapped into US dollars.