World Bank NZ Retail Offer Close & Rate Set

World Bank NZ Retail Offer Close & Rate Set

The World Bank closed its New Zealand retail note offer on Friday 11 July 2008, raising the target issue amount of $100m. The Interest Rate for the notes was set yesterday [Monday 14 July 2008] at 7.0625%.

Rod Smith, Head of Debt Capital Markets at Westpac Institutional Bank, commented: "We are delighted to have been associated with such an innovative investment product offering both financial and social returns to retail investors. This is the first time a bond issue for a supranational issuer has been offered domestically to the retail public. In addition to raising funding the World Bank was able to inform the New Zealand public of the extent and quality of its work to facilitate positive social and economic change around the globe and we are proud to have been involved in facilitating this socially responsible investing."

The issuer is International Bank for Reconstruction and Development (“IBRD”), a part of the World Bank Group. The notes are senior unsecured obligations of IBRD and are not obligations of any Government. The minimum holding of notes is $5,000. IBRD is not a registered bank under the Reserve Bank of New Zealand Act 1989. The terms and conditions of the notes are more fully described in the Investment Statement.

The Lead Manager of the issue was Westpac Institutional Bank. Direct Broking Limited and Bank of New Zealand were co-managers.

ENDS

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