The first issue of Belgian franc bonds of the International Bank for Reconstruction and Development will be publicly offered in Belgium on May 4, 1959. The offering, to be made at 1001, will consist of B.F. 500 million (equal to $10 million) of 5% Ten-Year Bonds. Four leading Belgian banks will offer the issue: Banque de la Societe Generale de Belgique; Banque de Bruxelles; Kredietbank; and Societe Belge de Banque.
The new issue, called the "5% Belgian Franc Bonds of 1959", will mature May 6, 1969. Interest will be payable annually on May 6 of each year, with the first payment due on May 6, 1900.
The bonds will be non-callable for the first five years after issuance. On May 6, 1964 and on any subsequent interest payment date thereafter the bonds will be callable at par. In the event of partial redemption, the minimum principal amount to be called will be B.F. 25 million with a notice of 45 days required. Redemption of the entire issue will require three months' notice to holders.
Giving effect to sale of the current issue, the net principal amount of bonds and notes sold by the Bank to raise new funds in the current fiscal year, ending June 30, 1959, amounts to the equivalent of $261.5 million. Of these issues $161.5 million was sold outside the United States. Included in these sales was the first public offering of Deutsche Mark bonds of the World Bank, amounting to D.M. 200 million ($47.6 million), made on April 9, 1959. Upon completion of sale of the new Belgian issue and giving effect to deliveries of bonds under delayed delivery contracts, and to amounts still to be drawn down under a privately placed borrowing, the world Bank's funded debt will be equivalent to about $1,938 million.
