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PRESS RELEASE June 5, 1967

World Bank Plans Swiss Franc 60 Million 18-Year Bond Issue

An issue of Swiss franc Bonds of the International Bank for Reconstruction and Development (World Bank) is planned for public offering in Switzerland on June 9, 1967 by a syndicate of leading Swiss banks. The banks will offer at a price of 99 ½% Sw F 60 million (approximately $14 million) of 18-year bonds. The Swiss Bank Corporation, the Swiss Credit Bank and the Union Bank of Switzerland head the underwriting group.

The new issue, to be known as the Emprunt en Francs Suisses 5% de 1967 (51 Swiss Franc Bonds of 1967), will be dated June 30, 1967 and will mature June 30, 1985. There will be a sinking fund which will begin operation on June 30, 1980 and is scheduled to retire the entire issue by maturity. On and after June 30, 1977 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 in case of total redemption. Interest will be payable annually on June 30, with the first payment due on June 30, 1968. The issue will be listed on the stock exchanges at Basle, Zurich, Geneva, Berne and Lausanne.

There have been twelve previous public issues of the World Bank in Switzerland totaling Sw F 780 million. In addition, there have been six private placements totaling Sw F 412 million, of which three, totaling Sw F 333 million, were transactions with the Government of Switzerland. To May 31, 1967 the World Bank has retired Sw F 445 million of these issues, leaving outstanding bond and note issues in francs amounting to approximately Sw F 747 million (approximately $174 million).

 


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