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World Bank Launches its First Turkish Lira Bond

Washington, DC, December 23, 2004 - The World Bank issued 5-year notes denominated in the re-aligned Turkish currency (TRY).  The notes were placed with European institutional investors via JP Morgan as the lead manager.  The terms of the notes are as follows:

Amount: TRY 70 million
Settlement date: January 7, 2005
Maturity date: January 7, 2010
Issue price: 99.90%
Coupon: 15% annually
Denomination: TRY 100,000
Listing: Luxembourg
Clearing systems: Euroclear and Clearstream
Please note that the holding, clearing and settlement of the Notes and payment of Interest and Principal Amount via the Euroclear System (and via the link between the Euroclear System and Clearstream Banking) will be subject to certain limitations as long as TRY is not accepted as a Denomination Currency and/or a Settlement Currency by the Euroclear System.
BB number:  ED7512673

This is the World Bank’s first issue denominated in Turkish lira.  It is also the first announced foreign issuance denominated in the new Turkish lira that takes effect January 1, 2005. 

The World Bank's bond products and investor presentation can be accessed through the website of the World Bank for bond investors (www.worldbank.org/debtsecurities). For a list of selected bonds issued recently by the World Bank, see: recent issues page.

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