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 4, 1977 by a syndicate of leading Swiss banks. The banks will offer SwF 150 million (approximately US$67.3 million equivalent) of 4 1/2% 15-year bonds. The bonds will be issued at 99%. The underwriting group is managed by the Union Bank of Switzerland with the Swiss Bank Corporation and the Swiss Credit Bank as co-managers.
The new issue, to be known as the Emprunt en Francs Suisses 4 1/2% 1977-1992 (4 1/2% Swiss Franc Bonds of 1977, due 1992), will be dated November 22, 1977, and will mature not later than November 22, 1992. To the extent that bonds can be repurchased at or below par during the 60-day period preceding the coupon date, bonds are scheduled to be repurchased in the market in the nominal amounts of SwF 7 million per annum in the years 1982 through 1991 with the balance of the outstanding principal amount to be repaid in 1992. On and after November 22, 1987, 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 22, with the first payment due on November 22, 1978. The issue will be listed on the stock exchanges at Zurich, Basle, Geneva, Bern and Lausanne.
This will be the twenty-fourth 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 1,995 million. Following the full repayment of 10 issues, the principal amount of its outstanding 14 public issues, including the current issue, totals SwF 1,298 million.