Skip to Main Navigation
PRESS RELEASE November 11, 1952

World Bank Offers Swiss Franc 50 Million 10-Year Bond Issue

A syndicate of leading Swiss banks is offering publicly today in Switzerland an issue of Swiss franc bonds of the International Bank for Reconstruction and Development. The banks will offer Sw. fr. 50,000,000 (approximately $11,500,000) of 3½% ten-year bonds, due December 1, 1962, at 98½% to yield 3.68%. The issue will be known as 3½% Swiss franc bonds of 1952. Subscription books for the issue will be open from November 11 to November 17 inclusive.

Heading the banking group making the offering will be the followings: the Credit Suisse, of Zurich; the Swiss Bank Corporation, of Basle; and the Union Bank of Switzerland, of Zurich. Other members of the syndicate are: the Societe Anonyme Leu&Cie., of Zurich; the Banque Populaire Suisse, of Berne; the Groupenmet des Banquiers Prives Genevois., of Geneva; Messrs A. Sarasin & Co., of Basle; and the Societe Prive de Banque et Gerance, of Zurich. The managers of the syndicate will also act as paying agents for the issue in Switzerland.

The bonds will be callable in whole or in part on and after December 1, 1959, at par. In event of partial redemption an amount of not less than $5,000,000 principal amount of the bonds must be redeemed. The issue will be listed on the Zurich, Basle, Geneva, Berne and Lausanne exchanges.

This is the Bank's fourth sale of bonds in 1952. In February it sold Can.$15,000,000 of 4% ten-year Canadian dollar bonds, its first public offering in Canada. In the United States market the Bank sold $50,000,000 of twenty-three year 3 3/8% bonds in May and in October it sold a further issue of $60,000,000 of nineteen-year 31/2% bonds. The two latter issues were offered through a nationwide syndicate of underwriters headed by Morgan Stanley & Co., and the First Boston Corporation.

The new Swiss issue is the second public offering of International Bank in Switzerland. The first public offering of the Bank's bonds 1n Switzerland was made in July 1951, and consisted of 50,000,000 at 31/2% twelve-year bonds. Previously the Bank had sold two small issues in Switzerland, both through private placement. In 1948, it placed 17,000,000 (approximately $4,000,000) of 21/2% serial bonds. In 1950, the International Bank placed with Swiss banks 28,500,000 (approximately $6,500,000) of 21/2% serial bonds due 1953-56. The issue sold in 1948 was redeemed in August 1952.