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PRESS RELEASE November 16, 1966

World Bank Offers 20 Million Canadian Dollar 25-Year Bond Issue

"A new issue of $20 million 6-1/4 per cent 25-Year Canadian Dollar Bonds of the International Bank for Reconstruction and Development (World Bank) is being offered today (November 16, 1966) by a syndicate of investment dealers and banks headed by Wood Gundy Securities Limited, Dominion Securities Corporation Limited and A. E. Ames & Co. Limited. The new issue, which will mature in 1992, is being offered at 98 and accrued interest.

"This is the World Bank's sixth offering of its bonds in Canada. The last issue was offered in February 1966 and will mature in 1991.

"The new bonds will be non-callable for 22 years. During the three years prior to maturity, they will be redeemable at the option of the Bank at 100 Percent and accrued interest.

"A purchase fund will be in operation during the period beginning 1969 an ending 1987. Under its terms the Bank will endeavor in each year during this period to purchase $300,000 principal amount of bonds at prices note ceding 98 per cent and accrued interest. This purchase fund obligation will be non-cumulative from year to year.

"The principal business of the Bank is the making of loans for economic development to its member countries.”