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PRESS RELEASE April 28, 1958

World Bank Proposes $150 Million 10-Year Bonds

The following announcement was issued in New York today by Morgan Stanley & Co. and The First Boston Corporation:

"The International Bank for Reconstruction and Development proposes to make an offering of $150,000,000 principal amount of 10-year bonds early in May, Eugene R. Black, President, announced today. The bonds will be non-redeemable prior to maturity. The issue will be sold through a nationwide underwriting group of commercial banks and dealers under the joint management of Morgan Stanley & Co. and The First Boston Corporation.

"As in the most recent issues in the United States market, the Bank, in addition to offering bonds for regular delivery, will extend to certain institutional purchasers of bonds of this new issue the customary privilege of making delayed payments giving them a selection of specified delivery dates up to November 1, 1959. This arrangement is expected to serve the dual purpose of coordinating a portion of the Bank's borrowing with its disbursements and of making it possible for purchasers to arrange their payments to suit their individual preferences in the light of their own projected cash position."

 


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