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PRESS RELEASE August 14, 1996

World Bank Prices its $1 Billion Global Bond Issue

The World Bank today announced the pricing of its new $1 billion 10-year global bond offering. The bonds have a 6-5/8 percent coupon, payable semi-annually. They were offered at 99.195 percent, to yield 6.737 percent for a spread of 18 basis points over the current 10-year Treasury benchmark.

The management group consisted of Merrill Lynch and SBC Warburg as joint book running lead managers, with CS First Boston, Deutsche Morgan Grenfell, Goldman, Sachs & Co., HSBC Markets, IBJ International plc, J.P. Morgan Securities, Ltd., Lehman Brothers, Morgan Stanley & Co., Nikko Securities, Nomura Securities, Paribas Capital Markets, Tokyo-Mitsubishi International plc and UBS Limited, as co-managers.

This issue is the World Bank’s thirteenth global bond in U.S. dollars since it launched the first global bond in 1989. The World Bank has also issued five global bonds in Japanese yen and four in Deutsche mark.