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PRESS RELEASE June 8, 1953

World Bank Offers Swiss Franc 50 Million 15-Year Bond Issue

An issue of Swiss franc bonds of the International Bank for Reconstruction and Development will be offered publicly in Switzerland on June 10 by a syndicate of leading Swiss banks. The banks will offer Sw. fr. 50,000,000 (approximately $11,500,000) of 3-1/2% fifteen-year bonds, due July 1, 1968, at 99% to yield 3.59%. The issue will be known as 3-1/2% Swiss Franc Bonds of 1953. Subscription books for the issue will be open from June 10 to June 16 inclusive.

The banking group making the offering will be headed by the Union Bank of Switzerland, of Zurich; the Swiss Bank Corporation, of Basle; and the Credit Suisse, of Zurich. Other members of the syndicate are: the Societé Anonyme Leu & Cie., of Zurich; the Banque Populaire Suisse, of Berne; the Groupement des Banquiers Privés Genevois., of Geneva; HM. A. Sarasin & Cie, of Basle; and the Societé Privé de Banque et de Géranee, 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 July 1, 1963, at par. In event of partial redemption an amount of not less than Sw. fr. 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.

The new Swiss issue is the third public offering of International Bank bonds in Switzerland. The first public offering of the Bank's bonds in Switzerland was made in July 1951, and consisted of Sw. fr. 50,000,000 3-1/2% twelve-year bonds. The second, made in November 1952, consisted of sw. fr. 50,000,000 3-1/2% ten-year bonds. Previously the Bank had sold two small issues in Switzerland, both through private placement: in 1948, it placed Sw. fr. 17.,000.,000 (approximately $4,000,000) of 2-1/2% serial bonds; and in 1950, it placed with Swiss banks Sw. fr. 28,500,000 (approximately $6,500,000) of 2-1/2% serial bonds due 1953-56. The issue sold in 1948 was redeemed in full in August 1952, and Sw. fr. 5,000,000 of the issue sold in 1950 matured and was paid in March 1953.