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PRESS RELEASE March 22, 1961

World Bank Offers SwF 100 Million 18-Year Bond Issue

A Swiss franc issue of Bonds of the International Bank for Reconstruction and Development will be publicly offered in Switzerland on March 25, 1961, by a syndicate of leading Swiss banks. The banks will offer at par Sw. fr. 100,000,000 (approximately $23 million) of 41, 18-year bonds. The Swiss 13ank Corporation, the Swiss Credit Bank and the Union Bank of Switzerland head the underwriting group as they have done 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 1961, will be dated April 15, 1961 and will mature on April 15, 1979. There will be a sinking fund which will begin operation on April 15, 1971 and 1s scheduled to retire the entire issue by maturity. On and after April 15, 1971, 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 April 15, with the first payment due on April 15, 1962. The issue will be listed on the stock exchanges at Basle, Zurich, Geneva, Berne and Lausanne.

This is the tenth public issue of the World Bank in Swiss francs. In addition, there have been four 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 787 million (approximately $183 million).