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PRESS RELEASE October 21, 1970

World Bank Plans Public Offering of SwF 75 Million 15-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 November 2, 1970 by a syndicate of leading Swiss banks. The banks will offer SwF 75 million (approximately US$17.5 million equivalent) of 6-3/4 per cent 15-Year Bonds. The bonds will be issued at 99.50 per cent of par. 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 6-3/4% de 1970 (6-3/47 Swiss Franc Bonds of 1970), will be dated November 20, 1970 and will mature not later than November 20, 1985. In each of the years 1981 to 1984, up to SwF 15 million nominal amount of the bonds are scheduled to be repurchased in the market, but only to the extent that the bonds can be repurchased at or below par during the 60-day period preceding the coupon date. On and after November 20, 1980 the World Bank may redeem the entire issue at par on any interest payment date on three months' notice. Interest will be payable annually on November 20, with the first payment due on November 20, 1971. The issue will be listed on the stock exchanges at Basle, Zurich, Geneva, Berne and Lausanne.

This will be the sixteenth public issue of the World Bank in Switzerland and will bring the total amount of public issues placed in Switzerland by the World Bank to SwF 1,070 million. In addition, there have been seven private placements totaling SwF 462 million, of which four, totaling SwF 383 million, were transactions with the Government of Switzerland. To September 30, 1970 the World Bank bad retired SwF 772 million of these issues and placements, leaving outstanding at that date bonds and notes in Swiss francs amounting to approximately SwF 760 million (approximately US$177 million equivalent).

 


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