"A new issue of $20 million of 5-3/4 per cent 25-Year Canadian Dollar Bonds of the International Bank for Reconstruction and Development (World Bank) is being offered today (February 14, 1966) by a syndicate of investment dealers and banks headed by A. E. Ames & Co. Limited, Wood, Gundy & Company Limited and Dominion Securities Corporation Limited. The new issue, which will mature on March 15, 1991, is being offered at 97 and accrued interest.
"This is the World Bank's fifth offering of its bonds in Canada. The last issue was offered in February 1965 and will mature on March 15, 1990.
"The new bonds will be non-callable for 22 years. On and after March 15, 1988 the bonds will be redeemable at the option of the Bank at 100 per cent and accrued interest.
"A purchase fund will be in operation during the period beginning 1968 and ending 1986. The bonds will provide that the Bank is to use its best efforts in each year during this period to purchase $300,000 principal amount of bonds at prices not exceeding 97 percent and accrued interest. This purchase fund obligation will be non-cumulative from year to year.
"The principal business of the Bank is lending for economic development in the territories of its member countries.”
