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PRESS RELEASE March 23, 1954

World Bank Offers SwF 50 Million 18-Year Bond Issue

An issue of the Swiss franc bonds of the International Bank for reconstruction and Development will be offered publicly in Switzerland on March 23 by a syndicate of leading Swiss banks. The bank will offer Sw. fr. 50,000,000 (approximately $11,600,000) of 31/2% eighteen-year bonds, due April 15, 1972, at par. The issue will be known as 31/2% Swiss Franc Bonds of 1954, March Issue. Subscription books for the issue will be open from March 23 to March 29 inclusive.

The banking group making the offering will be headed by the Credit Suisse, of Zurich, the Union Bank of Switzerland, of Zurich, and the Swiss Bank Corporation, of Basle. Other members of the syndicate are: the Societe Anonyme Ley & Cie., of Zurich; the Banque Populaire Suisse, of Berne; the Groupement des Banquiers Prives Genevois, of Geneva; Messrs. A. Sarasin & Cie., off Basle; and the Societe Privee 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 after April 15, 1964, 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 stock exchanges of Zurich, Basle, Geneva, Berne and Lausanne.

The new Swiss issue is the fifth public offering of International Bank bonds in Switzerland. It will bring the total of Bank bonds issued in Switzerland to Sw.fr. 295,500,000 (approximately $68,700,000) and the total outstanding to Sw.fr. 263,500,000 (approximately $61,300,000).

The previous public offerings were: Sw.fr. 50,000,000 31/2% twelve-year bonds, made in July 1951; Sw. fr. 50,000,000 31/2% ten-year bonds, made in November 1952; Sw.fr. 50,000,000 31/2% fifteen-year bonds, made in June 1953; and Sw. fr.50,000.,000 31/2% fifteen-year bonds, made in November 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 21/2% serial bonds; and in 1950, it placed with Swiss banks Sw. fr. 28,500,000 (approximately $6,500,000) of 21/2% serial bonds due 1953-56. The issue sold in 1948 was redeemed in full in August 1952. Sw. fr. 15,000,000 of the issue sold in 1950 matured and was paid in three tranches of Sw. fr. 5,000,000 each in March and September 1953 and March 1954.


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