The World Bank announced the placement of a $300,000,000 Issue of U.S. dollar Bonds maturing March 15, 1979 in markets outside the United States. The issue was substantially over-subscribed, and allotments represented a reduction of approximately 27% of all subscriptions from $3,000,000 to $40,000,000, the highest subscription received. Subscriptions less than $3,000,000 were allotted in full. The Bonds were purchased by central banks and other governmental institutions of 91 countries and by one international organization. Such purchasers now hold $1,350,000 000 of World Bank Two-year Bonds.
The new World Bank Bonds, known as "Two-Year Bonds of 1977, due March 15, 1979" bear interest at 6.40% per annum, payable semi-annually. The Issue was sold at par.
The new Bonds were delivered on March 15, 1977. An Issue in the aggregate principal amount of $240,000,000 placed outside the United States with similar purchasers in March 1975 matured on March 15, 1977.