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PRESS RELEASE January 5, 1962

World Bank Offers SwF 100 Million 11-Year Bond Issue

A Swiss franc issue of Bonds of the International Bank for Reconstruction and Development will be publicly offered in Switzerland today by a syndicate of leading Swiss banks- The banks will offer at par Sw. F 100,000.,000 (approximately $23 million) of 4% 11-year bonds. The Swiss Credit Bank, the Union Bank of Switzerland and the Swiss Bank Corporation 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 Emprunt en Francs Suisses 4% de 1962 (4% Swiss Franc Bonds of 1962), will be dated February 1, 1962 and will mature February 1, 1973. On and after February 1, 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 February l, with the first payment due on February l, 1963. The issue wi11 be listed on the stock exchanges at Zurich, Basle, Geneva, Berne and Lausanne.

This is the eleventh public issue of the World Bank in Swiss francs. In addition, there have been five private placements by the Bank in Switzerland, of which three, totaling Sw. F 333 million, were transactions with the Government of 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. F 853 million (approximately $198.6 million).