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PRESS RELEASE February 4, 1960

World Bank to Offer $100 Million 25-Year Bond Issue

"Eugene R. B1ack, President of the International Bank for Reconstruction and Development, announced that the Bank proposes to offer during the week beginning February 8 a new issue of $100,000,000 principal amount of 5% Twenty-Five Year Bonds of 1960 due February 15, 1985, through an underwriting group of dealers and commercial banks under the joint management of Morgan Stanley & Co. and The First Boston Corporation.

"The bonds will be non-callable for the first ten years and will have a sinking fund commencing August 15, 1970, calculated to retire 50% of the issue prior to maturity. As in recent issues, the Bank, in addition to offering bonds for regular delivery, will extend to certain institutional purchasers the privilege of making delayed payment, giving them the selection of specified quarterly delivery dates through February 15, 1962.

"It is expected that the managers of the underwriting group, in the interest of broadening the market, will again reserve a portion of the bonds for subscription by underwriters and dealers to sell to institutions which have not previously bought World Bank securities.

"The World Bank has not offered an issue in the United States since November 1958."

 


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