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PRESS RELEASE March 22, 1972

World Bank Plans SwF 200 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 March 24, 1972 by a syndicate of leading Swiss banks. The banks will offer SwF 200 million (approximately US$ 48,969,798 million equivalent) of 5½% 18-year bonds. The bonds will be issued at 99.50. The Union Bank of Switzerland, the Swiss Bank Corporation and the Swiss Credit Bank head the underwriting group.

The new issue, to be known as the Emprunt en Francs Suisses 5½% 1972-90 (5½% Swiss Franc Bonds of 1972, due 1990), will be dated April 20, 1972 and will mature not later than April 20, 1990. In each of the years 1985 to 1989, up to SwF 30 million nominal am0t.mt 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 April 20, 1982 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 April 20, with the first payment due on April 20, 1973. The issue will be listed on the stock exchange at Zurich, Basle, Geneva, Berne and Lausanne.

This will be the eighteenth 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 1,325 million. In addition, there have been eight private placements totaling SwF 762 million, of which four, totaling SwF 383 million, were transactions with the Government of Switzerland. To February 29, 1972 the World Bank had retired SwF 775 million of these issues and placements (including an issue of SwF 60 million which matured on February 15, 1972), leaving outstanding at that date bonds and notes in Swiss Francs amounting to approximately SwF 1,132 million (approximately US$ 277 million equivalent). Another issue of SwF 50 million will mature on April 15, 1972.

 


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