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PRESS RELEASE December 10, 1959

World Bank to Issue Sterling 10 Million Bond in the United Kingdom

A group of London banking firms headed by Baring Brothers & Co., Limited is announcing today (December 10) the preparation of an issue of £ 10,000,000 of 5% sterling bond- of the International Bank for Reconstruction and Development.

The firms announce: "Underwriting has been taking place in connection with an issue of £ 10,000,000 - 5 per cent Stock, 1977/82 to be made by the International Bank for Reconstruction and Development. The Stock is to be acquired by Baring Brothers & Co., Limited, Hambros Bank Limited, Lazard Brothers & Co!', Limited, Morgan Grenfell & Co. Limited, N.M. Rothschild & Sons and J. Henry Schroder & Co. Limited, and to be offered by them for sale to the public.

"It is intended to publish the Offer for Sale on Monday next, the 14th December, and to open and close the list of applications on Wednesday next, the 16th December. It is expected that the price at which the Stock will be offered will be £96½ per cent.

"The necessary approval of Her Majesty's Government has been obtained to the issue."