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PRESS RELEASE November 10, 1953

World Bank Offers SwF 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 November 10 by a syndicate of leading Swiss banks. The banks will offer Sw. fr. 50,000,000 (approximately $11,600,000) of 3½% fifteen-year bonds, due December 1, 1968, at par. The issue will be known as 3½% Swiss Franc Bonds of 1953, November issue. Subscription books for the issue will be open from November 10 to November 16 inclusive.

The banking group making the offering will be headed by the Swiss Bank Corporation, of Basle, the Credit Suisse, of Zurich, and the Union Bank of Switzerland, of Zurich. Other members of the syndicate are: the Société Anonyine Leu & Cie., of Zurich; the Banque Populaire Suisse., of Berne; the Groupement des Banquiers Privés Genevois, of Geneva; Messrs. A. Sarasin & Cie., of Basle; and the Société Privée de Banque et de Gerance, of Zurich. The members 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, 1963, at par. In event of partial redemption an amount of not less than Sw. fr. 5,000,000 principal amount the bonds must be redeemed. The issue will be listed on the stock exchanges of Basle, Zurich, Geneva, Berne and Lausanne.

The new Swiss issue is the fourth public offering of International Bank bonds in Switzerland, and the second to be made this year. It will bring the total of Bank bonds issued in Switzerland to Sw. fr. 245,500,000(approximately $57,100,000) and the total outstanding to Sw. fr. 218,500,000 (approximately $800,000).

The previous public offerings were: Sw. fr. 50,000,000 31/2% twe1ve-year bonds, made in July 1951; Sw. fr. 50,000.,000 3½% ten-year bonds, made in November 1952; and Sw. fr. 50.,000,000 3½% fifteen-year bonds., made in June 1953.

Before the first public offering, the Bank had sold two small issues in Switzerland through private placement. In 1948 it placed Sw. fr. 17,000,000 (approximately $4,000,000) of 2½s% serial bonds; and in 1950, it placed with Swiss banks SW. fr. 28,500,000 (approximately $6,500,000) of 21% serial bonds due 1953-56. The issue sold in 1948 was redeemed in full in August 1952.

SW. fr. 10,000,000 of the issue sold in 1950 matured and was paid in two tranches of Sw. fr. 5,000,000 each in March and September 1953.