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PRESS RELEASE January 8, 1959

World Bank Announces Public Offering of a SwF 100 Million 15-Year Bond Issue

A Swiss franc bond issue of the International Bank for Reconstruction and Development will be publicly offered in Switzerland on January 8 by a syndicate of leading Swiss banks. The banks will offer at par Sw.Fr. 100,000,000 (approxi1nately $23,200,000) of 4% 15-year bonds. This is the seventh public issue of the Bank in Swiss francs. The Swiss Bank Corporation, the Swiss Credit Bank and the Union Bank of Switzerland will head the underwriting group as they did in the previous offerings.

The bonds will have no sinking fund and will be non-callable for ten years. On and after February- 1, 1969, the World Bank may redeem at par all or part of the issue on any interest payment date on 45 days' notice in case of partial redemption and three months' notice for total redemption. Interest will be payable annually on February 1, with the first payment due on February 1, 1960. The issue will be listed on the stock exchanges of Basle, Zurich, Berne and Lausanne.

Giving effect to the present issue, to deliveries of bonds under delayed delivery contracts, and to amounts to be drawn down under a Deutsche Mark borrowing, the Bank's funded debt will be about $1,870,000,000 equivalent in U.S. dollars and other currencies.

 


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