A group of London banking firms, headed by Baring Brothers & Co., Limited, is announcing today (August 6) an issue of L l0,000,000 (equivalent to $24,000,000) of 8% sterling bonds of the International Bank for Reconstruction and Development. The firms announce that:
"Underwriting arrangements have today been completed for an offer for sale of b l0,000,000 8% stock, 1976 of the International Bank for Reconstruction and Development. The stock has been subscribed by Baring Brothers & Co., Limited, Hambros Bank Limited, Lazard Brothers & Co., Limited, Morgan Grenfell & Co., Limited, N.M. Rothschild & Sons, Limited, and J. Henry Schroder Wagg & Co., Limited with a view to its being offered for sale to the public.
"It is intended to publish the Offer for Sale on 'Monday, August 9 and to open and close the application list on Thursday, August 12. The stock will be offered for sale at par.
"Interest on the stock will be payable gross and the stock will be repaid at par together with accrued interest on July 31, 1976.
"The necessary approval of Her Majesty's Government has been obtained for the issue.
"The current issue is the fourth to be offered on the London market by the IBRD and brings the aggregate of sterling issues sold to L 30,000,000. Including the current issue, the total of IBRD issues outstanding will amount to about L 20,000,000."
