The World Bank announced the placement of a $350,000,000 Issue of U.S. dollar Bonds maturing September 15, 1979 in markets outside the United States. The Issue was substantially over-subscribed. The Bonds were purchased by central banks and other governmental institutions of 72 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 September 15, 1979” bear interest at 6.95% per annum, payable semiannually. The Issue was sold at par.
The new Bonds were delivered on September 15, 1977. An Issue in the aggregate principal amount of $350,000,000 placed outside the United States with similar purchasers in September 1975 matured on September 15, 1977.