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PRESS RELEASE April 29, 1968

World Bank Sells $15 Million 26-Year Bond Issue

The World Bank has arranged the sale to an institutional investor outside the United States of a $15 million issue of twenty-six-year United States dollar bonds. The sale was made by private placement to the Saudi Arabian Monetary Agency, the central bank for Saudi Arabia.

The new World Bank bonds, known as the Twenty-Six Year Bonds of 1968, due May 1, 1994, bear interest at 6-1/2%, payable semi-annually with the first payment due November 1, 1968. The bonds are not redeemable prior to November 1, 1980. They are redeemable on or after November 1, 1980 at the option of the Bank as a whole or in part at any time at 101.50% to and including April 30, 1984 and at decreasing prices thereafter; and through operation of a sinking fund, beginning in 1981, at 100%, together in each case with accrued interest.

The total outstanding obligations of the Bank amount to about $3.4 billion, of which almost $2.6 billion is denominated in United States dollars and about $800 million in Belgian francs, Canadian dollars, Deutsche mark, Italian lire, Netherland guilders, Pounds sterling, Swedish kroner and Swiss francs. More than 55% of the Bank's total outstanding debt and some 41% of its United States dollar debt is held by investors outside the United States.

The proceeds to the Bank of the sale of the bonds will be used in the general operations of the Bank.

 


PRESS RELEASE NO: 68/17

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