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PRESS RELEASE September 20, 1960

World Bank Offers SwF 60 Million 15-Year Bond Issue

A Swiss franc issue of Bonds of the International Bank for Reconstruction and Development will be publicly offered in Switzerland on September 23, by a syndicate of leading Swiss banks. The banks will offer at par Sw. fr. 60,000,000(approximately $14 million) of 4% 15-year Bonds. The Union Bank of Switzerland, the Swiss Bank Corporation and the Swiss Credit Bank head the underwriting group as they did in previous public offerings of World Bank Bonds on the Swiss market.

The new issue, to be known as the 4% Swiss Franc Bonds of 1960, will be dated October 15, 196o and will mature on October 15, 1975. The bonds will have no sinking fund and will be non-callable for ten years. On and after October 15, 1970 the World Bank may redeem 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 October 15, with the first payment due on October 15, 1961. The issue will be listed on the stock exchanges at Zurich, Basle, Geneva, Berne and Lausanne.

This is the ninth public issue of the World Bank in Swiss francs. In addition, there have been three private placements by the Bank in Switzerland. Giving effect to the present issue, the aggregate of World Bank bond and note issues outstanding in Swiss francs will amount to about Sw. fr. 690 million (approximately $160 million).