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PRESS RELEASE March 15, 1965

World Bank Will Offer DM 250 Million 20-Year Bond Issue

A new issue of DM 250,000,000 (U.S. equivalent $62,500,000) of 5-1/2% Twenty Year Deutsche Mark Bonds of the International Bank for Reconstruction and Development (World Bank) is to be offered in Germany on March 23 by a group of some 70 leading German banks headed by the Deutsche Bank A.G. as the principal manager and the Dresdner Bank A.G. as the co-manager. The new issue, which will mature on April 1, 1985, is being offered at par.

This is the second public offering of World Bank bonds in Germany. The first issue, amounting to DM 200,000,000 of 5% Bonds, was offered in April 1959 and will mature in 10 annual installments beginning April 1, 1965.

The bonds of this new issue will be repayable at par beginning April 1, 1971 in fourteen annual installments of DM 17 million each and one final installment of DM 12 million so that the entire issue will have been repaid by April 1, 1985. To meet such installments the World Bank may draw bonds by lot or may purchase bods in the market. The World Bank is obligated, in each calendar year beginning in 1970, to purchase in the market up to one-half of the amount of the annual installment falling due in the next calendar year, to the extent it can do so below par. The World Bank will give such additional support to the market for these bonds as may appear appropriate. On or after April 1, 1976 the World Bank may redeem at par on any interest payment date all of the issue then outstanding. Interest will be payable semi-annually on April 1 and October 1 with the first payment due on October 1, 1965.

 


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