A traveling-wave Ti-indiffused LiNb03 guided-wave Mach-Zehnder interferometric modulator has been fabricated and characterized at λ= 1.3 μm. With a ±4.25-V drive signal an extinction ratio of 23 dB is achieved. The measured small-signal 3-dB bandwidth of 8.6 GHz is limited by attenuation and dispersion of the coplanar stripline. The fiber-waveguide-fiber insertion loss is 5.3 dB (Fresnel losses excluded).