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PRESS RELEASE January 28, 1960

World Bank Offers SwF 60 Million 12-Year Bond Issue

A Swiss franc issue of Bonds of the International Bank for Reconstruction and Development will be publicly offered in Switzerland from tomorrow, January 29, through February 5 by a syndicate of leading Swiss banks. The banks will offer at par 60,000,000 (approximately $13,960,000) of 4-1/2% 12-year Bonds. This is the eighth public issue of the World Bank in Swiss francs. The Swiss Credit Bank, the Swiss Bank Corporation and the Union Bank of Switzerland head the underwriting group as they did in the previous offerings.

The new issue is dated February 15, 1960 and matures on February 15, 1972. The bonds will have no sinking fund and will be non-callable for eight years. On and after February 15, 1968, 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 15, with the first payment due on February 15, 1961. The issue will be listed on the stock exchanges of Zurich, Basle, Berne, Geneva and Lausanne.

Giving effect to the present issue, the aggregate of World Bank bond and note issues outstanding in Swiss francs will amount to about 627 million (approximately $146 million).