Survey of publicly-held foreign bonds : Part 1 - bonds issued in the United States

E.C.-21a This report is not to be published nor may it be quoted as representing the Bank's views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT SURVEY OF PUBLICLY-HELD FOREIGN BONDS Part I - Bonds issued in the United States December 15, 1953 Economic Staff Prepared by: Carel deBeaufort Table of Contents Page PART I - Bonds issued in the United States A. Changes in the volume of outstanding bonds and in debt service status 1 1. National and Government guaranteed bonds issued by IBRD member countries 3 2. Bonds issued by political sub-divisions of IBRD member countries 3 3. National and Government guaranteed bonds issued by non-IBRD member countries 4 4. Bonds issued by political sub-divisions of non-IBRD member countries 4 B. Analysis of the Treatment of Foreign Bonds issued in the United States . 5 C. Foreign bond quotations in the United States 5 TABLES: Publicly-Held Foreign Bonds; Part I, Issues in the United States National and Government Guaranteed Bonds of IBRD Member Countries 1-a: Principal outstanding as of December 31, 1945 1-b: Principal outstanding as of December 31, 1952 1-c: Changes in principal outstanding from Dec.31/45 to Dec.31/52 Bonds of Political Subdivisions of IBRD Member Countries 2-a: Principal outstanding as of December 31, 1965 2-b: Principal outstanding as of December 31, 1952 2-c: Changes in principal outstanding from Dec.31/45 to Dec.31/52 National and Government Guaranteed Bonds of Non-IBRD Member Countries 3-a: Principal outstanding as of December 31, 1945 3-b: Principal outstanding as of December 31, 1952 3-c: Changes in principal outstanding from Dec.31/45 to Dec.31/52 Bonds of Political Subdivisions of Non-IBRD Member Countries 4-a; Principal outstanding as of December 31, 1945 4-b: Principal outstanding as of December 31, 1952 4-c: Changes in principal outstanding from Dec.31/45 to Dec.31/52 5: National and Government Guaranteed Bonds and Bonds of Political Subdivisions of IBRD Member Countries - Summary of treatment of bonds outstanding-during the period Dec.31/45 to Dec.31/52 6: National and Government Guaranteed Bonds and Bonds of Political Subdivisions of Non-IBRD Member Countries - Summary of treatment of bonds outstanding during the period Dec.31/45 to Dec.31/52 7: National and Government Guaranteed Bonds of IBRD Member Countries - Prices and yields 1945-1953 8: National and Government Guaranteed Bonds of Non-IBRD Member Countries - Prices 1945-1953 SURVEY OF FUBLICLY-HELD FOREIGN BONDS 1/ The purpose of the survey is to review the status and the amounts out- standing of publicly-held foreign bonds and to analyse changes in this type of debt during the post-World War II period. Quotations during this period for foreign bonds in the principal markets are also included in the study. Part I of the survey deals with foreign bonds issued in the United States. Part II, dealing with foreign bonds issued in Europe, will be made available upon completion. The history of the bonds of individual countries will be found in the attached tables. This introduction merely underlines the aggregate figures in- volved and the main causes for price movements in the foreign bond market. PART I - Bonds issued in the United States A. Changes in the volume of outstanding bonds and in debt service status As shown in the following table the improvement in the servicing status of the bonds issued by IBRD member countries and their political sub- divisions has been substantial. On the other hand the volume of defaulted issues has remained constant among the non-IBRD member countries. 1/ Publicly-held foreign bonds - as used in this survey this term refers to bonds issued to the general public outside of the debtor's country. It should be noted that bonds issued by the IBRD or bonds issued to the Exim- bank or IBRD by their borrowers are not included in this definition. - 2 - (in millions of U.S. dollars) end of 1945 end of 1952 Principal In de- Principal In de- outstdg.1/ fault 2/ % outstdg.1/ fault 2/ % IBRD member countries and 3,440 1,055 - 30.7 3,059 189 6.2 their political sub- divisions Non-IBRD member countries 330 146 44.2 301 146 48.5 and their political sub- divisions Total . . . . . . . . . . . 3,770 1,201 31.9 3,360 335 10 During the years 1946 through 1952 changes in bond issues resulted in a net reduction of debt as follows: (in millions of U.S. dollars) IBRD member Non-IBRD member countries and their countries and their political sub-divs. political sub-divs. Total Additions to the debt New issues 976 155 1,131 Funding of interest 126 - 126 1,102 1 1,257 Reductions in debt Amortization 1,316 184 1,500 Adjustment plans 166 - 166 Changes in exchange rates 1 1 1,,~ 463 M1,66 7 Net reduction in debt 381 29 410 1/ Principal amounts - In this survey all principal amounts are based on the nominal value of bonds, regardless of their market value. For the purposes of this survey an issue of bonds is classified as being in default if, at the time in question, it is not being serviced in accordance with the original contract terms or a settlement or adjustment plan which has been assented to by the majority of the holders of the bonds or has been recommended to bondholders for acceptance by Foreign Bondholders' Protective Council, Inc. An issue of bonds which is being serviced in accordance with such a plan is not classified as being in default even though some of the individual holders may not have assented to the plan. There are disputes regarding the existence or extent of liability with regard to some issues. In such cases the classification of such issues does not indicate an ex- pression of opinion regarding the merits of the disputes. - 3 - 1. National and Government guaranteed bonds issued by IBRD member countries The volume of outstanding bonds falling under this heading has been determined as of December 31, 1945 and December 31, 1952. Tables 1-a and 1-b, respectively, summarize the totals outstanding on those dates by debtor countries. They also show the status of the bonds as to service or default. Table 1-c analyses the changes in outstanding totals and service status which took place during the 1945 through 1952 period. The total outstanding principal stood at $2,584 million at the end of 1945. During the subsequent period of seven years new issues and the funding of interest arrears added $600 million to the debt while amortization and debt adjustment reduced it by $1,042 million. Thus there was a net reduction of $442 million during the period, bringing the outstanding amount at $2,142 million at the end of 1952. As of the end of 1945 $977 million or 37.8% of the total debt was in default. By the end of 1952 the defaulted debt had been reduced to $167 million or 7.8% of the then outstanding total. Of the remaining defaulted debt $26 million consists of bond issues of Austria and Denmark. The debt of Austria is at present in process of being settled, while Denmark is progressively paying off arrears on its debt. This leaves a balance of $141 million debt -- 6.6% of the total -- on which no apparent action is being taken to remove the default. The countries and amounts involved are: in millions of $ Bolivia 59.4 Settlement bill of 1950 not yet acted upon by Government. China 5.5 Czechoslovakia 2.2 Serviced under 1946 Settlement until new default in 1952. Greece 41.7 Philippines 2.8 Default on Sinking Fund only of Manila RR. bonds. Yugoslavia 29.6 A further improvement during the period under review consisted of the substitution of bilateral settlements for the unilateral plans of Chile and Peru. 2. Bonds issued by political sub- divisions of IBRD member countries Tables 2-a and 2-b summarize the totals outstanding at the end of 1945 and 1952 respectively of bonds falling under this heading. They also show the status of the bonds as to service or default. Table 2-c analyses the changes in outstanding totals and service status which took place during the 1945 through 1952 period. The total outstanding principal stood at $856 million at the end of 1945. During the subsequent period of seven years new issues - all of which were Canadian - added $502 million to the debt, while amortization reduced it by 441 million. Thus there was a net increase during the period of $61 million, bringing the outstanding amount to $917 million at the end of 1952. As of the end of 1945 $78 million or 9.1% of the total debt was in default. By the end of 1952 the defaulted debt had been reduced to $22 million or 2.4% of the then outstanding total. Of the remaining defaulted debt $18 million consists of bond issues of debtors in Austria and Denmark. The Austrian debt is at present in process of being settled, while the Danish debt is being paid off in instalments. This leaves a balance of $3.7 million debt -- 0.4% of the total -- on which no apparent action is being taken to remove the default. The issues involved are in the case of Czechoslovakia debts of the City of Greater Prague and in the case of Mexico debts of the States of Coahuila and Jalisco. 3. National and Government guaranteed bonds issued by non-IBRD member countries Tables 3-a and 3-b summarize the totals outstanding at the end of 1945 and 1952 respectively of bonds falling under this heading. They also show the status of the bonds as to service or default. Table 3-e analyses the changes in outstanding totals and service status which took place during the 1945 through 1952 period. The total outstanding principal stood at $261 million at the end of 1945. During the subsequent period of seven years new issues - all of which were of Israel - added $155 million to the debt, while amortization of Argentina's debt reduced it by $133 million. Thus there was a net increase during the period of $22 million, bringing the outstanding amount to $283 million at the end of 1952. As of the end of 1945 $128 million or 49% of the total debt was in default. On December 31, 1952 the defaults remained unchanged; they amounted on that date to 45.2% of the then outstanding total. The issues of Israel are the only ones which are being serviced. In default are the issues of Bulgaria, Danzig, Estonia, Hungary, Poland, Rumania and Russia. 4. Bonds issued by political sub- divisions of non-IBRD member countries Tables 4-a and 4-b summarize the totals outstanding at the end of 1945 and 1952 respectively of bonds falling under this heading. They also show the status of the bonds as to service or default. Table 4-c analyses the changes in outstanding totals and service status which took place during the 1945 through 1952 period. The total outstanding principal stood at $69 million at the end of 1945. During the subsequent period of seven years this amount was reduced by amortization of Argentinean issues to $18 million. As of the end of 1945 $18 million or 26.1% of the total debt was in default. On December 31, 1952 the defaults remained unchanged. The defaults consist of all outstanding issues; e.g. those of Hungary and Poland. B. Analysis of the Treatment of Foreign Bonds issued in the United States Tables 5 and 6 analyse the treatment of these bonds during the post- World War II period. The debts of only six countries - Australia, Canada (except the Province of Alberta), Finland, France, The Netherlands and Norway were serviced throughout the period in accordance with the original contractual terms. The majority of the other debtor countries serviced their debts under adjustment plans. As shown in the table on Page 3 six IBRD member countries remained in default at the end of the period. In addition the issues of seven non-member countries remain in default. The changes involved in adjustment plans ranged from very minor modification of the original contract terms, such as small reductions in contract amortization, to drastic scaling down of original amounts of principal or interest due. The analysis divides the adjustment plans into the following six types: A - service at contractual rates and full settlement of arrears, B - small reduction of interest, no change in principal and full settlement of interest arrears, C - reduction of interest, no change in principal, extension of maturity and either complete or partial settlement or cancellation of interest arrears, D - reduction of interest and principal, E - extension of maturity, but principal and interest remain unchanged, F - exchange of defaulted bonds into cumulative bonds without current interest payments. The numbers 1, 2 or 3 following these letters in the table indicate whether the adjustment took place on a unilateral, bilateral or multilateral basis. The majority of the adjustment plans are of type C. With the ex- ception of the issues of the Province of Alberta, Denmark and the Manila Railroad all adjustment plans were concluded on a bilateral or multilateral basis. C. Foreign bond quotations in the United States Tables 7 and 8 show prices and yields of selected foreign bonds in New York at the end of each of the years 1945 through 1952. For the ?urpose of comparison a representative U.S. long-term Government bond, the 2-% 1945-1972, has been included in the table. It might be expected that with the improvement in the servicing status the prices of bonds included in this study would have generally risen. In fact, as shown in table 7, prices for those issues on which quotations were secured have generally declined somewhat since 1945. This reflects that the improved servicing status can only gradually restore investor confidence and that such confidence has also been influenced by the many other factors which affected price changes during the period. However, it should be noted that prices were generally substantially higher at the end of 1952 than the low point of the period. - 6 - The main causes of price changes during the period were: 1. the general rise in interest rates. Canadian bonds are the only foreign bonds quoted in the New York market which fluctuate mainly in line with high grade U.S. bonds. However, during 1952, the strength of the Canadian dollar caused large purchases of Canadian bonds for repatriation. As a result their prices did not follow the decline of U.S. bonds during that year. The rise in interest rates may also have influenced quotations for Australian, Belgian, Cuban, Norwegian and Uruguayan issues. 2. improvement in the market position of certain bonds through amorti- zations and repatriations. This factor influenced prices of Australian, Belgian, Cuban, Netherlands' and Norwegian bonds. The approaching maturity in 1955 of the Belgian issue, combined with heavy amortizations, supported these bonds. Cuban bonds were largely in demand by Cuban nationals on account of their tax advantages. Amortization and repatriation of Netherlands' and Norwegian bonds was a factor in the rise of their quotations. Another factor was the improved confidence of investors in Western Europe. 3. the conclusion of adjustment plans and/or a record of regular service under such plans. While Japanese bonds rose in the most spectacular manner, the bonds of Chile, Costa Rica, Ecuador, El Salvador, Italy and Peru all showed substantial improvements over the period under review. Exceptions were Brazilian, Colombian and Mexican issues. Although the outstanding amounts were greatly reduced by amortization, other causes depressed these bonds. In the case of Brazil quotations declined when it became apparent in 1952 that the country faced grave transfer difficulties. The complications of the internal political situation in Colombia were reflected in depressed prices for Colombian bonds. They improved gradually, however, after a low level was reached in 1948. In the case of the Mexican bonds small and uncustomary denominations and odd interest rates continued to impair their marketability. Ij. international developments and tensions. These influenced all European bonds at one time or another but especially the bonds of Czechoslovakia and Finland. Quotations for Czechoslovakian bonds went down when the government was taken over by the Communists. They declined further upon default in 1952. Finland's proximity to Russia depressed quotations for its bonds. After 1949 prices increased in line with the general improvement in prices of European bonds. 5. internal political developments. As already mentioned under 3 this factor was important in the case of Colombia. 6. important changes in prices of export products. The rise of coffee prices in 1949 improved quotations for issues of Brazil, Colombia, Costa Rica and El Salvador. Bonds of Australia and Uruguay were influenced by fluctuations in wool prices. - 7 - 7. uncertainty as to the debtor country's capacity to transfer debt service. This factor was important in the case of Denmark. To- wards the end of the period prices recovered as a result of the improvement in Denmark's dollar position and acceleration of pay- ments on arrears in amortization. The influence of Brazil's transfer difficulties on the quotations for its bonds during 1952 has already been pointed out under 3. 8. difficulties in marketing bonds. The unsuccessful flotation of an Australian issue depressed quotations for all Australian bonds during 1947 and 1948. Other factors influencing quotations for these bonds were mentioned under 1, 2 and 6. On balance the favorable factors proved to be stronger than the unfavorable ones; quotations at the end of the period showing a considerable improve- ment over those at the beginning. 'j:,ble 1-x: PUBLICLY-HELD FORLIGN B01DS; PART I, ISSUES IN THE UNITED STATES National and Government Guaranteed Bonds of IBRD Member Countries Princinal outOtandin o December 31. 1945 (Expressed in thousands of U.S. dollars) Page 1 Bonds subject to service under original contract or adjustment plan Bonds in default as to Total Full service current Settlement Une or more unly Country Total Under Under Unassented agreed but Total of interest, Principal bonda Total original adj. fraction not yet principal or or sinking contract plan effective sinking fund fund Total 2,584,142 1,607,418 1,292,702 970,694 322,008 314,716 - 976,724 900,574 76,150 Europe 620,871 136,187 136,187 136,187 - - - 484,684 431,296 53,388 Austria 2,293 - - - - 2,293 2,293 - Belgium 20,037 - - - - - - 20,037 - 20,037 Czechoslovakia 3,623 - - - - - - 3,623 3,623 - Denmark 80,805 47,454 47,454 47,454 - - - 33,351 - 33,351 Finland 3,296 3,296 3,296 3,296 - - - - -- France 15,458 15,458 15,458 15,458 - - - - - Germany 231,93i12 - - - - - 231,932 231,932i/ - Greece 41,700 - - - - - - 41,700 41,700 Italy 122,108 - - - - - - 122,108 122,1081 - Netherlands - - - - - - - - - Norway 69,979 69,979 69,979 69,979 - - - - - Yugoslavia 29,640 - - - - - - 29,640 29,640 - Latin America 1,041,732 636,724 322,008 - 322,008 314,716 - 405,008 385.340 19,668 Bolivia 59,422 - - - - - 59,422 59,422 - Brazil 153,092 153,092 122,194 - 122,194 30,898 - - - Chile 150,555 - - - - - - 150,555 150,555z - Colombia 149,412 76,014 41,172 - 41,172 34,842 - 73,398 73,398 Costa Rica 8,094 - - - - - 8,094 8,094 - Cuba 95,853 82,869 82,562 - 82,562 307 - 12,984 - 12,984 See footnotes at end of table. Table 1-a: PUBLICLY-HELD F0R1IGY BONDS; PART I, ISSUES IN TEE UNITD STATES - Continued National and Government Guaranteed Bonds of IBRD Member Countries Principal outstanding as of December 31, 1945 (Expressed in thousands of U.S. dollars) Page 2 Bonds subject to service under original contract or adjustment plan Bonds in default as to Total Full service current Settlement One or more Only Country bonds Total Under Under Unassented agreed but of interest, principal Total original adj. fraction not yet Total principal or or sinking contract plan effective sinking fund fund Latin America - Continued Dominican Republic 12,086 12,086 7,820 - 7,820 4,266 - - - El Salvador 8,067 - - - - - - 8,067 8,.067 Guatemala 878 878 878 - 878 - - - - Haiti 6,684 - - - - 6,684 - 6,684 Mexico 247,748 247,748 6,074 - 6,074 241,6745 - - - - Panama 15,641 15,494 14442 14,442 1,052 - 147 147 Peru 85,657 - - - - - - 85,657 85,657 Uruguay 48,543 48,543 46,866 - 46,866 1,677 - - - - Asia 87,032 - - - - - - 87,032 83,938 3,094 China 5,500 - - - - - - 5,500 5,500 - Japan 78,438 - - - - - - 78,438 78,438 - Philippines 3,094 - - - - - - 3,094 - 3,094 Others 834,507 834,507 834,507 834,507 - - - - - Australia 152,685 152,685 152,685 152,685 - - - - - Canada 681,822 681,822 681,822 681,822 - - - - - 1/ Includes the non-government guaranteed debt of political subdivisions and private corporations on which the government of the Republic agreed in 1953 to provide foreign exchange for debt service. 2/ No reliable amount outstanding as of December 31, 1945 available. Therefore, the amount shown for 1945 is the amount of bonds outstanding on December 31, 1952 as furnished by the Bank Deutscher Lender. It was assumed that no change took place from 1945 to 1952. Table 1-a: PUBLICLY-ELD FOL'IGN BONDS; PART I, ISSUES IN TE UNITED STATES - Continued Page I / This is the amount reported by the Italian Government as outstanding in 194? at the inception of the debt adjustment plan . The gross amount out- standing in 1945 was considerably larger, However, as was revealed in 1947, this gross amount included bonds repatriated which were not eligible under the debt adjustment plan. The amount shown above is net of repatriations. Of this amount $138,233,500 was assented to the unilateral plan of 1935 under which pavments averaging $13 p.a. were made on bonds with coupons of face value of $60 - $70 p.a. / This figure is expressed in old par value. Very little information was available to us as to the status of assents to the Debt Plan of 1942. However, indications were that approximately 50' of the bondholders had assented. The old par value will be reduced to 20.619% under the plan for- the direct debt and railway Plan A, and to 21.43-O-100 under railway Plan B. IBRD - Statistics Section September 29, 1953 Table 1-b: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES National and Government Guaranteed Bonds of IBRD Member Countries Principal outstanding as of December 31, 1952 (Expressed in thousands of U.S. dollars) ____ ___ ___ ____ ___ ___ ____ ___ ___ ____ ___ ___ ____ ___ ___ ___Pare_1 Bonds subject to service under Bonds in default as to Remarks Total original contract or adjustment plan Country Full service current Settlement One or more Only (for details bonds Total Under Under Unassented agreed but Total of interest, Principal see Total original adj. fraction not yet principal or or sinking Table 5) contract plan effective sinking find& fund Total 2,142,386 1,975,343 1,533,538 894,971 638,567 117,524 324,281 167,043 140,755 26,288 Europe 657,157 557,786 239,073 101,500 137,573 5,912 312,801 99,371 75,833 23.538 Austria 2,293 - - - - - - 2,293 2,293 - Preliminary agree- ment reached. Belgium 4,043 4,043 4,043 4,043 - - - - - - All arrears (1943- 1945) paid up in 1946i Czechoslovakia 2,200 - - - - - - 2,200 2,200 - Settlement in 1946. New default in 1952. Denmark 48,741 25,203 25,203 25,203 - - - 23,538 - 23,53811 Arrears being pro- gressively paid off. Finland 2,183 2,183 2,183 2,183 - - - - - - - France - - - - - - All bonds paid off at maturity. Germany 312,801?J 312,801 - - - - 312,801S - - - Settlement in 1952. Greece 41,700 - - - - - - 41,700 41,700 - - Italy 143,485 143,485 137,573 - 137,573 5,912 - - - - Settlement in 1947. Netherlands 14,000 14,000 14,000 14,000 - - - - - - Norway 56,071 56,071 56,071 56,071 - - - - - - Yugoslavia 29,640 - -- - - - 29,640 29,640 - See footnotes at end of table. Table 1-b. PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES - Continued National and Government Guaranteed Bonds of IBRD Member Countries Principal outstcndina as of December 31, 1952 (Expressed in thousands of U.S. dollars) Pare 2 Total Bonds subject to service under Bonds in default as to Remarks original co tor adjushen% -plan Country Full service current Settlement One or more Only (for details tonds Total Under Under Unassented agreed but Total of interest, princIpal see Total original adj. fraction nc. Fet principal or or s k.2cing contract plan efffetive sinking fn fd Table 5 Latin America 615,829 556,407 477,157 10,163 466,994 67,770 11,480 59,422 59,422 - Bolivia 59,422 - - - - - - 59,422 59,422 -Settlement negoti- ated in 1946; not yet in force, Brazil 96,070 96,070 96,070 - 96,070 - - - - Chile 109,800 109,800 100,900 - 100,900 8,900 - - - - Settlement in 1948. Colombia 73,657 73,657 67,200 - 67,200 6,457 - - - Departmental and municipal settle- ment in 1948. Costa Rica 8,593 8,593 - - - 8,593 - - - Settlement in 1952. Cuba 65,800 65,800 65,800 - 65,800 - - - Bonds with sinking fund arrears redeemed in entirety. Dominican Republic - - -- - - - - - All bonds paid off prior to maturity, El Salvador 6,338 6,338 6,038 - 6,038 300 - - - - Settlement in 1946. Guatemala - - - - - - - - - Bonds paid at maturity. Mexico 81,592 81,592 44,842 - 44,842 36,7501 - - - - Settlements of 1942 and 1946-50 being carried out. Panama 10,163 10,163 10,163 10,163 - - - - - - All bonds refunded or paid off in 1950. See footnotes at end of table. Table 1-b. PUBLICLY-IMLD FOILIGN BONDS; PART I, ISSUES III THE UNITED STATES - Continued National and Government Guaranteed Bonds of IBRD Member Countries Principal outst=nding as of December 31, 1952 (Expressed in thousands of U.S. dollars) Page 3 Total Bonds subject to service under Bonds in default as to Remarks original contract or adjustment plan. Country Full service current Settlement One or more Only (for details bonds Total Under Under Unassented agreed but Total of interest, principal see Total original adj. fraction not yet principal or or sinking contract plan effective sinking fund fund Table 5) Latin America - Continued Peru 64,181 64,181 46,860 - 46,860 14,434 2,887 - - - Settlement in 1947, amended in 1952. Uruguay 40,213 40,213 39,284 - 39,284 929 - - - - - Asia 86,092 77,842 34,000 - 34,000 43,842 - 8,250 5,500 2,750 China 5,500 - - - - - 5,500 5,500 - Japan 77,842 77,842 34,000 - 34,000 43,842 - - - - Settlement in 1952. Philippines 2,750 - - - - - - 2,750 - 2,750 - Others 783,308 783,308 783,308 783,308 - - - - - - Australia 189,908 189,908 189,908 189,908 - - - - - - - Canada 593,400 593,400 593,400 593,400 -- - - - All defaults settled. 1/ This was reduced in 1953 to $9,138,000 by payment of $14,400,000 of sinking fund arrears and past due maturity. .9/ Old par value which will be reduced to 20.619% under the plan for the direct debt and the railway Plan A, and to 21.43 - l00 under railway Plan B. ./ Includes the non-government guaranteed debt of political subdivisions and private corporations on which the government of the Republic agreed in 1953 to provide foreign exchange for debt service. IBRD - Statistics Section September 29, 1953 Table 1-0: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES National and Government Guaranteed Bonds of IBRD Member Countries Changes in Drincipal cutstanding from December 31, 1945 to December 31, 1952 (Expressed in thousands of U.S. dollars) POge 1 Net Reduction in rriraipal outstanding Increase in principal outstancing Country increase (+BY By Due to By By new issues or decrease (-) Total amortization adjustment exchange Total funding of (including of par rates interest refundings) Total - 441,756 1041,986 875.648 165,742 596 6oo,230 125,697 7 Europe + 36,286 1094 501 100p859 145,72z 115.787 30000 Austria - - - - - - Belgium - 15,994 15,994 15,994 - Czechoslovakia - 1,423 1,423 1,423 - Denmark - 32,064 32,064 32,064 - Finland - 1,113 1,113 1,113 - France - 15,458 15,458 15,458 - - Germany + 80,869 -- - - 80,869 80,869 Greece - - - - - - - Italy + 21,377 13,541 4,899 j] 8,642 - 34,918 34,918 - Netherlands + 14,oo 6,000 6,000 - - 20,000 - 20,000 Norway - 13,908 23,908 23,908 - - 10,000 - 10,000 Yugoslavia - - - - - - - Latin America - 425,903 446,-346 289,246 1_7,100 - 20,443 9.910 10,533 Bolivia - - - - - - - Brazil - 57,021 57,021 57,021 - - - - Chile - 40,755 40,755 40,755 - -- Colombia - 75,755 82,930 79,959 9/ 2,971 - 7,175 7,175 Costa Rica + 499 149 149 - - 648 648 Cuba - 30,053 30,162 30,162 - - 109 76 33 Dominican Republic - 12,086 12,086 12,086 - - - El Salvador - 1,729 3,710 3,710 - - 1,981 1,981 Guatemala - 878 878 878 - - - Haiti - 6,684 6,684 6,684 - - - - See fortnnl--- on "age 2. Table 1-c: PUBLICLY-ELD FOREIGN BONDS; PART I, ISSUES IN TBE UNITED STATES (Continued) National and Government Guaranteed Bonds of IBRD Member Countries Changes in nrircinal outstanding frc=December 31, 1945 to December 31. 1952 (Expressed in thousands of U.S. dollars) Page 2 Net Reduction in priLci-pal outstanding Increase in trincipal outstndinp- Country increase (+) By By Due to By By new issues or decrease Total amortization adjustment exchange Total funding of (including of par rates interest refundinas) Latin America (Continued) Mexico - 166,156 166,156 12,027 154,129 - - - Panama - 5,478 15t978 15,978 - - 10,500 - 10,500 Peru - 21,477 21,477 21,477 - - - -- Uruguay - 8,330 8,360 8,360 - - 30 30 Asia - 940 940 344 - -96- - China -- - - - Japan - 596 596 - - 596 - Philippines - 344 344 .344 - - - - others 48,199 4853199 - - 434,000 - 4S400 Australia + 37,223 90,777 90,777 - - 128,000 - 128,000 Canada - 88,422 394,422 394,422 - - 306,000 - 306,000 / Includes $1,739,000 of contractual amortization and $2,309,000 of bonds repatriated by the Italian Government. 2/ Include- $39,377,000 of departmental and municipal bonds reported by Colombia to have been purchased prior to the inception of the 1948 debt adjustment plan. It is possible that some of these were purchased prior to 1945. IBRD - STATISTICS SECTION September 29, 1953 Table 2-a: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES Bonds of Political Subdivisions of IBRD Member Countries Principal oututandin,7 as of December 31, 1945 (Expressed in thousands of U.S. dollars) Bonds subject to service under original contract or adjustment plan Bonds in default as to - Total Full service current Settlement One or more Only Country Total Under Under Unassented agreed but Total of interest, principal bonds Total original adjustment fraction not yet principal or or sinking contract plan effective sinking fund fund Total 288Z To§a 85220 ZZ7.931 7329.103 Z!qs-00U 27098 3888 829 70324 ZL2 Europe -57117 34,668 34,668 3-,668 22.449 14,484 -a6A Austria 4,336 - - - - - - 4,336 4,336 Belgium :9,5t4 - - - - - - 9,544 9,544 Czechoslovakia 604 - - - - - - 604 604 - Denmark 31-,420 29,000 29,000 29,000 - - 2,420 - 2i420 Finland 5,668 5,668 5,668 5,668 - - - - Norway 5543 - - - - - - 5,545 - 5,545 Latin Amer.ca 69,178 6S926 27.0- 27.098 38-828 1,252 322 - Brazil 64,206 6h,206 25,378 - 25,378 38,828 - - - Colombia .1,720 11720 1,720 - 1,720 - - - - Mexico 3?252 - - - - - - 3,252 3,252 Others 677.337 677,337- - - 52,588 5_58 Australia 68,439 68,439 68,439 68,439 - - - - Canada 661,486 68,898 608,898 608,898 - - 52,588 52,588 IBRD - STATISTICS SECTION September 29,- 1953 Table 2-b: PUBLICLY-HELD FOREIGT BONDS; PART I, ISSUES IN TBE UNITED STATES Bonds of Political Subdivisions of IBRD Member Countries Princinal outptarding as of December 31, 1952 (Expressed in thousands of U.S. dollars Bonds subject to service under original contract or adjustment plan Bonds in default as to Total Full service current Settlement one or more Only Country Total Under Under Unassented agreed but Total of interest, principal bonds Total original adjustment fraction not yFt principal or or sinking contract olan effective sinkine fund fund Total 916,9861 895,138 ~~~38 858,868 l6.270- 21 848 8A07 13.070 Europe 122 22,803 22803 22801 - - - 18,96 4 826 13.770 Austria 4.336 - - - - - - 4,3 4'33 - Belgium 4,086 4,086 4,086 4,086 - - - - - - Czechoslovakia 490 - - - - - - 490 490 - Denmark 27,770 14,000 14,000 14,000 - - - 13,770 - 13,770 Finland 3,756 3,756 3,756 3,756 - - - - - - Norway 961 961 961 961 - - - - - - Latin America 39.52 36,270 36,270 1,252 3.252 Brazil 35,370 35,370 35,370 - 35,370 - - - - - Colombia 900 900 900 - 900 - - - - - Mexico 3P252 - - - - - - 3,252 3,252 Others 836065 836,o65 836-065 836,06 - Australia 15,595 15,595 15,595 15,595 - - - - - - Canada 820,470 820,470 820,470 820,470 - - - - - - IBRD - STATISTICS SECTION September 29, 1953 Table 2-0: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES Bonds of Political Subdivisions of IBRD Member Countries Changes in orincinal outstanding from -Dece-mber 31, 1945 to December 31, 1952 (Expressed in thousands of U.S. dollars) Net Reduction in principal outstand ing Increase in Trincipal outstandi n Covntry increase (+) By By Due to By By new issues or decrease (- Total amortization adjustment exchange Total funding of (including of par rates interest reftndines) Total + 60,166 440,830 2 501.596 0501,596 Europe - 15,718 1-718 15,718 Austria - - - Belgium - 5,458 5,458 5,458 - Czechoslovakia - 114 114 114 - Denmark - 3,650 3,650 3,650 - Finland - 1,912 1,912 1,912 - - - Norway - 4,584 4,584 4,584 - - Latin America - 29.6 6 29,656 29,361 29-5 Brazil - 28,836 28,836 28,541 295 - - Colombia - 820 820 820 -- - Mexico - - - - - - Others + io6,i4o 95'456 395,456 - - 501,596 .01,996 Australia - 52,844 52,844 52,844 - - - - Canada + 158,984 342,612 342.612 - - 501,596 - 501,596 IBRD - STATISTICS CTION September 29, 1953 Table '-a: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES National and Government Guaranteed Bonds of Non-IBRD Member Countries Princinal outstanding as of Decenber 31, 1945 (Expressed in thousands of U.S. dollars) Bonds subject to service under original contract or adjustment -plan Bonds in default as to Total Full service current Settlement One or more Only Country Total Under Under Unassented agreed but Total of interest, ptin6ipal bonds Total original adjustment fraction not yet principal or or contract plan -effective sinking fund sinking fund Total 261,005 132,644 132,644 132,644 - - - 128,361 128,361 - Europe 128,361 - - - - - 128,361 128,361 - Bulgaria 6,468 - - - - - - 6,468 6,468 Danzig 3,422 - - - - - - 3,422 3,422 - Estonia 1,513 - - - - - - 1,513 1,513 - Hungary 3,271 - - - - - - 3,271 3,271 Poland 33,793 - - - - - - 33,793 33,793 - Rumania 4,894 - - - - - - 4,894 4,894 - Russia 75,000 - - - - - - 75,000 75,000 - Latin America 132,644 132,644 132,644 132,644 - - - Argentina 132,644 132,644 132,644 132,644 - - - - - Asia _ _____ Israel - IBRD - Statistics Section September 30, 1953 Table_ -b PUBLICLY-HELD FOREIGN BOIDS; PART I, ISSUES IN THE UNITED STATES National and Government Guaranteed Bonds of Non-IBRD Member Countries Princi-al cutstanding as of December 31, 1952 (Expressed in thousands of U.S. dollars) - Bonds subject to service Total d onds sujet o ste Bonds in default as to Remarks under ori inal cont.iaot- or-adjustment plan Country bon=W - Full service cur0ent Settlement One or more Only (for details Total Under Under Unassented agreed but Total of interest, principal see Total original adjustment fraction not yet principal or or Table 6) contract. plan effective sinking fund sinking fund Total 282,861 154,500 154,500 154,500 - -- - 128,361 128,361 - Europe 128,361 - - - - - - 128,361 128,361 - Bulgaria 6,468 - - - - - - 6,468 6,468 - No settlement in prospect. Danzig 3,422 - - - - - - 3,422 3,422 -. No settlement in prospect. Estonia 1,513 - - - - - 1,513 1,513 No settlement in prospect. Hungary 3,271 - - - - - - 3,271 3,271 - No settlement in prospect. Poland 33,793 - - - - - - 33,793 33,793 - No settlement in prospect. Rumania 4,894 - - - - - - 4,894 4,894 - No settlement in prospect. Russia 75,000 - - - - - - 75,000 75,000 - Debt of Imperial Russia. Latin America - - - - - - - - - - Argentina - - - - - - - - - - All bonds paid off in 1946, prior to maturity. Asia 154,500 154,500 154,500 154,500 - - - - - - - Israel 154,500 154,500 154.500 154.500 - - - - IBRD - Statistics Section September 30, 1953 Table 3-c: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES National and Government Guaranteed Bonds of Non-IBRD Member Countries Changes in Drincipal outstandink from December 31., 1945 to December 31, 1952 (Expressed in thousands of U.S. dollars) Net Reduction in principal outstancLng Increase in p n aqu ain Country increase (+) 13 Due to B By new issues orTotal amortiation adjustment exchange Total funding (including decrease () of par rates of interest refundinzal Total + 21,856 132,644 132,644 - - 154,00 - 154,500 Europe - - - - - Bulgaria - - - Danzig - - - Estonia - - - - - Hungary - - - - - Poland - - - - - - Rumania - - - - - - Russia - - - - - - Latin America - 132,644 132,644 132,644 - - - - - Argentina - 132,644 132,644 132,644 -- - - - Asia + 154,500 - - - - 154,500 - 154,500 Israel + 154,500 - - - 154,500 - 154,500 IBRD - Statistics Section September 30, 1953 Table 4-a: PUBLICLY-HELD FORPIGNw BONDS; PART I, ISSUES IN THE UNIITED STATES Bonds of Political Subdivisions of Non-IBRD Member Countries Principal ntnnnirpg as of December 31., 1945 (Expressed in thousands of U,S. dollars) Bonds subject to service under original contract or adjustment plan Bonds in default as to Total Full service current Settlement One or more Only Country Total Under Under Unassented agreed but Ttal of interest, principal bonds Total original adjustment fraction not yet principal or or contract plan effective ninkinp fun sinking fund Total 69,134 51,019 50,133 - 50,133 886 - 18,115 18,115 - Europe 18,115 - - - - - - 18,115 18,115 - Hungary 11,107 - - - - - - 11,107 11,107 - Poland 7,008 - - - - - - 7,008 7,008 Latin America 51,019 51,019 50,133 50,133 886 - - -- Argentina 51,019 51,019 50,133 - 50,133 886 - - IBRD - Statistics Section September 30, 1953 Table 4-bt PUBLICLY-BELD FO1rIGN BONDS; PART I, ISSUES IN TIM UNITED STATES Bonds of Political Subdivisions of Non-IBRD Member Countries Principal outstanding as of December 31. 1952 (Expressed in thousands of U.S. dollars) Bonds subject to service Bonds in default as to Remarks under original contract or adjustment plan Total Full service current Settlement One or more Only (for details Country Total Under Under Unassented agreed but Total of interest, principal see bondsyTotal original adjustment fraction not yet principal or or Table 6) contract plan effective sinking fund sinking fund Total 18,115 - - - - - - 18,115 18,115 - Europe 18,115 - - - - - - 18,115 18,115 - Hungary 11,107 - - - - - - 11,10V 11,107 - No settlement in prospect. Poland 7,008 - - - - - - 7,008 7,008 - No settlement in prospect. Latin America - - - - - Argentina - - - - - - - - - All bonds paid off in 1946-7, prior to maturity. IBRD - Statistics Section September 30, 1953 Table 4-at PUBLICLY-HBED FOREIGN BONDS;- PART I, ISSUES IN TBE UNITED STATES Bonds of Political Subdivisions of Non-IBRD Member Countries Changes in Drincinal outstandinet frt December 31, 1945 to December 31, 1952 (Expressed in thousands of U.S. dollars) Net Reduction in principal outotanding Increase in princinal outstanding increase (+) By Due to 2Y By new issaes Country or Total BY adjustment exchange Total funding (including decrease () amortization of par rates of interest refTnd s) Total - 51,019 51,019 51,019 - - Europe - - - - - - - - Hungary - - Poland - - - Latin America - 51,019 51,019 51,019 - -- Argentina - 51,019 51,019 51,019 ORD - Statistics Section September 30, 1953 Table 5. PUBLICLT-ELD 70REIGN BONDS; PA1M I. ISMES IN TE UNITED BMSTA National and Governent Guaranteed Bond. and Bonde of Political Subdlvisione of IMD Menber Comntrieo Bomnary of treatment of bonde ontstanding during the period December 31. 1945 to December 31. 1952 P 1 Period of Debt Treatment Conatry deflult, adMutment låen of Treatment of interett årrears Pature interest Naturitie. Sinklng fand if any Ip g Lato princital Astria 1938-1953 03 1952 1/ 100% 79% of coupons 1938-1945 to be paid 4 1/2% redna*d from 7%. Extended to 1980 from 1957 2.73% cumulative. by Germa~ ($367.50 for $490 of era rear per $1.000 bond). Copons 1945- 1953 to be paldl by Auctria at 4 1/2 p.a. ($382.50 for $595 of arrear per $1,000 bond.) Bolgium 1943-1945 Al - - - sinking fand arreare pald p In 19W6. 0seohoslovakia 1938.1946 32 1946 j/ 100% To be paid in fUll from 1946 to 6% reduced from 7 1/2 and 8%. Extended to 1960 and 1966 from 1% c~ultie to a lnoreased later ee 1952- 1955 at original face Talue. 1951, 1952 and 1954. an to retir» by maturity. present ?f Denmark 1942 to Al - - - - Arare of principal in process of present belng pala up since 1947. pialand Nona Non. - - yran Nln fon* - - Gorman 19349523/ 03 1952 utiofal Governent 1 Reduction of intemat 1aI rxtenadoå eOmlative skimf fand eft Dames an % ( Arreare to 1944 oaleUated at %4 en 5-1/2 from:7%. To 1969 from 1949. 3% p.8. Yo~n ofa ( Dave* and 4 1/2 on Yound to be 5 from 5 1/2%. ge 1980 fro 1965 1%p.a. funded inta 3% bonde de 1972. Pruassla s 1933-1936 to be pald 195> 4% from 6% and 6 1/2%. To 1972 from 1951, 1952. 1% p.a. at 30% Wt. Eonverslonssse 1/3 of arrears to be fnded. No reduction. 17 years. 2 p.a. Political gubdivisione 100% 2/3 of arreare calvulated at new New ratts are 71% of original rat99. Eztonded 20 years. 1% oumnativs 1958.1962. 2% ttreafter interest rate to be funded. New rates rang, from 4-5 1/14%; on bond. aturing after 1967. original rate* 4 1/2-7 1/4. CorporM Lons 100% 2/3 of arreare te o ftnded. Nev aten are 75% of originalrate. To be extended 10 to 25 years. 1% aumatli 1958-19624 2% therefter. vov ratas rag. from 4O-5 1/51%; Original rate* 4f-7 1/4%. Greece Partial Non. - - Bilateral agreemente 1932, 1933, - dofault 1936, 1940. Unilateral agreement 1932-1941. ln 1937. Provided for n of Complote, non at 27 1/44 of face dofemit valuo on 7%. 1924 bonde and 6%. 1941 ta 1928 bond.. e%. 1925 bonds ro- present. oined paymente at 27 1/ of face valuo from 1932-1941. 3% Treeasuy gote recelved partial pa~lente to 1938. Italy 1940-1946 02 1947 100% rrearsmounting te $438.70 to 1 in 1947, £nreasing to 3% In xtended to 1977 from 1942-1960. 0m~1ative at 1% p.a. 195~1956 ad 484.20 per $1,000 bond vere 1952. Redned from 6 1/2%-?%. P.a. therafter. funded. Betherland None sone - - Nu-$> ron. 7ne - See footnotes at end of table. Table 5 PUBLICLT-ELD POERIGH BONDS; PAWT I, ISSUES IN TER UNITBD EATES (Continued) National and Government Guaranteed Bonds and Bonds of Political Subdivisions of I=RD Member Countris Summary of treatment of bends outstanding during the period December 31. 191M to December 11, 1952 Page 2 Period of Debt Treatment Country default, adaetpent plan of Treatment of interest arrears Future interest aturities Slinkig fund ifaont Type Oats urinipal Europe (Continusd) Tugoslavia 1932 to None - - Paid in part under temporary adaust- - present ment plans-1932-1939. Latin America Bolivia 1931 to 02 5/ 1950 if 100% 10% of principal in new bonds (a 1% 1951-1952. 1 1/2% 1953-1954, 2% No maturity (former maturities $1.500.000 anmnally for interest and present settlement of 7.% of arrears). 1955-1956. 3% thereafter. re0aced 1940-196?). principal. fre. 6%-8%. Brasil 1931. 1944 1943j/ (option of Plan A or For unpaid coupons of 1931-1934 Plan 3) and 1941-1943 a cash payment per Plan A e2 *1,000 bond ofl Reduced to iztended to: Cumulative siaking fucd ofs National goverment 100% 8.125-12.50 (6.2%-12.5% of 3 3/8%-3 1/2 from sjg-*. 1978 or 1979. 1.5 -.59%. facs value). States 100% $0.105*413.125 (1.6251-16.2% of 2%-3 1/2% from 618%. 1978-2012 o.7%-1.59%. face value). cities 100% $0.34-48.125 (1.62..4.0625% of 1 7/81-2 3/8% from 6%-%. 200.2017 0.661-0.84%. face value). Plen 3 D2 National government 80% in Fae Reduced to 3 3/4% No maturity. 2.65% nuflative. boadei 12.- 1% cash States Sao Pmale Coffee loan 80% in bonds; as Reduced to 3 3/% No maturity. 2.6% cseamive. 1% in cash Others 50% in bonds; Reduced to 3 3/4 No matarity. 2.6% awmastie. 9-17.5% cash Plan Cities 50% in bondae Reduced to 3 3/4% No maturity. 2.63% amulative. 7.0-14.5% cash A Chile 1931-1947 02 1948 100% 1936-1948 payments under 1935 Plan 1 1/2% in 1948. increasing to 3% Ztended to 1993 from 1931-1963. 1948-1953 $2.531.000 general tiWng 21 amounted to total of $164.586 per in 1954. Reduced from 6%-7%. fund for dollar, sterling and Swiss $1,000 bond for arrears totalling franc bonds. From 1954, 1% p.a. $780.4910. Bondholders not assented cumlative. to 1935 Plan received the above in certificates at time of assent to 1948 Plan. Colombia National government 1932-1939 02 1940 100% Arrears amonating to $540-$600 per 3% reduced from 6%. intended to 1970 from 1961. Cumulative at .6% in first five years $1,000 bond were funded at 50%. and 1% thereafter. Guaranteed bank bonds 1932-1942 C2 1942 100% $100 per $1.000 bond for arrears 3% redaced from 61-7%. Xxtended to 197D from 1946-1948. Same as zational governsos. totalling 447-$5140. Non-guaranteed bank 1932-1942 12 1942 75% Cancelled 3% reduced from 6 1/2-. Extended to 1970 from 1946-1948. Same as national government. bonds City of Bogota bonds 1932-1944 C2 1944 100% Canelled 3% reduced from 6 1/2X0. Extended to 1970 from 1945-1547. Same as national government. See footnotes at end of table. Tabe3 PURLICLY-RLD IDMIGN WDS1 PAR I IS0 TO WITID MANS (Contined) National and Government Guaranteed Bonds and Bonds of Political Sbdivisions of IERD Member Countries Sumary of treatment of bonds outstanding during the period December 31, 1941 to December 31, 1952 P Period of Debt Treatment country default, adlastment maon of Treatment of interest arrears Pature interest Katurities Sinking fund if r Type eate princil Latin America (Continued) Colombia (Continued) Departmental and 1932-1947 02 1948 100% $200 per $1,000 bond in new bonds for 3% reduced from 6 112$-? 1/2%. Extended to 1978 from 1945-1959. same as national government. Munioipal bonds $1.011041,200 of bak interest. City of Barranquilla 1931-1939 02 1939 100% 60% of past dua interest fonded. II% reduced from O%. Extended to 1964 from 1935-1949. $136.752 p.a. for amortisation and interest. Costa Rica 1932 to 02 1952 2/ 100% $100 per $1,000 bond in new bonds to 1 1/2% in 1953, Increasing to 3% 1973. extended from 1949-1951. Cunlative at 1 1/2% in 1953. Lo- present ]/ holders of 7% and 7 1/2% bonds for in 1956. Redcned from 5%-7 1/2%. creasing to 3% in 1956. $770.4825 of arrears. Arrears of $550 on runding Bonds to be ameaed. Cu 1933- 02 1938 / 100% $100 per $16000 bond in new bonds for 4 1/2% reduced from 5 1/2%. 1977. extended from 1945. Annual payments of $2,000,000 1937 ID/ $220 in arrears. starting in 1951 and tising to $2,750,000 in 1959. Dominican Republic 1931-1934 12 1934 100% Interest always paid in full. No go change In contractual Tate of Extended to 1961-1969 from 19110- 1 1/2% cumulative, with provisions arrears. 5 1/2%. 1942. All bonds paid off in 191W. for Increases In event of larger customs revenues. 31 Salvador 1932-1946 02 1946 100% New 3% bonds due 1976 given in exe 3 1/2%-4, reduced from 7". 1976, extended from 1948-1937. $800,000 p.m. for payment of Inter- change for 50% of face value of ost and amortisation of three dollar unpaid coupons. issues and one sterling tess. Guateala 1932-1936 Los Altos By. bonds 02 1936 100 $13.33 in cash per $1.000 bond. 3*-3 1/2%. reduced from 8%. Rxtended to 1951 from 1934. $100,000 p.a. for interest and amortisation. Other bonds 1932-1933 02 1934 100% 1933 coupons paid 50% in cash and 50% of contractual rate. No change. Paid off in 1944. No change. In dsfault until bonds 50% in scrip. Bubsequent compons were retired in 19144. paid a- 50%. Haiti 1938-1947 Al 1946-1947 100% Paid in full. All bonds paid off in 19147, prior - (Inter to maturity out of the proceeds of est also an internal issue. in ar- rears) Mexico Direct debt 1914-1942 D2 1942 20.619% 3% of contractual eamount due in full Coupons of $2.25 e $10.00 re- 1968, extended from 1943 and 1954. To be repaid from 1964-1968 In equal discharge of 1923-1945 arrears. duced to $0.32 and $1.42. installments. respectively. Railway debt 1946 (option of Plan A or Plan B) Plan A 1914-1946 D2 20.619% Same as direct debt. Coupons of $0.06-$750 reduced to 1975, former maturities 1914-1977. 1.78% cutmative. $0.01-$137.466. Plan B 1914-19146 Y2 21.4* Same as direct debt. Ro interest. 2ormer rates %-. Sem as Plan A. Bonds to be retired by a ainlative lco annuity at redemption prices of about 21 in 1946, rising to 100% in 197*. States of Cealulla and 1913. None - Jalisco present See footnotenat end of table. Table 5; PUSLILY-m= FODEIGN B0ND; PART I, ISSUES IN TE UNITED SMATES (Contined) National and Government GOarantood Bonds and Bonds of Political Subdivisions of IBRD Member Countries Summary of treatment of bonds outstanding dnrinw the period Decomber 11. 1945 to December 31. 1952 Peg 4 Period of Debt treatment Country default, adJustment olan of Treatment of interest arrears Fature interest Maturities Sinktg fond if sy T710e Date pringoAx Latin Amrion (Continued) Pana National government J&/ 1932-1941 02 1941 100% During period payments made partly in 3 1/'4, reduced from 5%. 1994, extended from 1963. Service money allocated from income cash and partly In 5% arrears otts. of Constitutional Fund and from In 1941 arrearo atfa. were exobanged treaty payments from United States. for 3% bonds de 1987. National Bank of Panama 1933-1943 None - Paid off Partial payments during period of - (guarenteed) at 101 iV default. 1943 Peru National and government 1931-1947 02 1947, 100% Non-interest bearing scrip ertifi 1% in 1947, increasing to 3% in 1997, extended from 1944-1961. 1/2% couulative. guaranteed anended antes for 10% of arrears. Run& 1953. Reduced from 6%-?%. 1952 holders not previously assented to 1917 Plan are to receive $90 in cash for interest 1947-1952. City of LIa 19311952 02 1952 100% Non-interest bearing scrip certifl- 3%, reduced from 6 1/2%. 1997, extended from 1958. 1/2% cumnatie. ficates for 10% of arrears. Uruguay National government 1931-1936 02 1937 100% Back interest paid at 3 1/2%. Sates as followst 1978-1984. extended from 1946-1964, Ounmlative of 1/2% p.. , increasing Old to 1% In 1939. bonds low bonds %3 31/2% 4 I-4 I/PP%4 1/20 (graduated scale 1938-1944) 6% 3 3/4%-4/* 1/8% (graduated scale 1938-1944) City of Montevideo 1931-1937 02 1938 100% Arrears on 6% and 7% bonds computed Sates on new bonds increase on 1978-1979, extended from 1952-1959, Same as national government. at 3 1/2% and settled in bonds, con- graduated scale from 1938-19443 2artible scrip and cash. Old 3% 7/8%-4 1/8%-.4 5/6% 3% 3/4*-41/8% Asia China 1920- None - - - present Japan 1941-1952 s2 1952 100% 1943-1952 arrears to be paid at con- At contractual rates. Extended 10 years from original So change from original contract. tractual rate but vith a 10 year date. enterium. Philippines (Manills 1941- 21 1917 100% Interest paid by Philippine Govern. No change Eztended to 1959 from 1939. Sinking fun in default. Provision Railroad Co.) present ment during World War II but resumed made by corporation in 1946 but no by this government-owned corporation payment due to lack of cash. in 1946. Seo footnotes at end of table. Table 5. PUBLICLT-HELD FOEIGN BONDS; PART I. ISSUES IN TIE UNITED STATES (Continued) National and Government Guaranteed Bonds and Bonds of Political Subdivisions of IBRD Mbmber Countries s,mmary of treatment of bonds outstanding during the period December 31, 1945 to December 31. 1952 Page 5 Period of Debt Treatment Country default, adjustment olan off Treatment of interest arrears Puture interest Maturities Sinking fund if any Type Date princival Others Australia None None - - Dominion Government None None - Al & 01 1945 10 Interest paid 1936-1945 at So of old Bonds unmatured In 1945 received new Bonds matured in 1945 or before No change. Province of Alberta 1936-1945 (maturity rates except on 3% and 3 1/2% bonds 3 1/2% bonds. Old rates were 4-. were paid off in cash. Otherwise unchanged) which were paid at 2%. Arrears paid 5 1/2%. no change in maturities, in full in 1945. Debt adjustment plans are typed according to treatment received and the manner in which the adjustment was arrived at. The letters refer to the former and the aumbers, to the latter as follows: T7ne Ac"rding to treatment: A - Prior to adjustment sinking fund or principal was in default bnt interest wan paid regularly at contractual or reduced rate. Adjustment involves complete settlement of contractual obligations. 3 - Adjustment provides for small reduction in interest, no change it principal extension of maturity and full settlement of interest arrears. C - Adjustment provides for reduction of interest, no change in principal amount, extension of maturity, and either complete or partial settlement or cancellation of interest arrears. D - Adjustment provides for reduction of interest rate and/or principal amount. E - Adjustment provides for extension of maturity but principal and interest remain unchanged. P - Adjustment provides for an exeange into cumulative bonds without current interest payments. Tye according to negotiations. 1 - Unilateral. 2 B ilateral. 3 - multilateral. f Conference held in Rome in 1952. Recommendations of the Conference have not as yet been acted upon by the Austrian Government. The information shown here concerns the agreement recommended by the Conference. Payments were made under a debt adjustment plan starting in 1946. Bonds went into default again in 1952. Partial payments made from 1935 to 1941 in dollars, Reichemarka or bonds of the Konversionskasse. Other arrears to be settled after the unification of Germany. Plan proposed in 198 and approved by the Bolivian Congress in 1950, but no further action taken. Partial payments were made under offers of 1932, 1934 and 1940. 71 Partial payments averaging about $13 P.a. wore made on coupons of face value of $60-$70 p.a. under the unilateral plan of 1935. some amartisation also took plane under this plan. From 1932 to 1941 payments were made either in funding bonds or partially in cash against surrender of coupons. This default and debt adjustment applied only to the 5 1/2% Public Works Bonds 19)0.1945. Other publicly issued bonk were serviced in full with some delay in sinking fund payments. An Issue of 5 1/2% bonde. 1923-1963,.on which sinking fund wae in default and Interest was paid with delay, was refunded in 1941 by the issuance of 3 1/2% bonds due 1967. All bnds outstanding in 1950 were paid off with the proceeds of a privately-placed issue. IV Only the debt adjustment of the Province of Alberta is given here. There were a few other defaults on municipal bonds but the amounts involved were small in relation to the total public debt of Canada. IRD - STATISTICS SECTION September 29. 1953 Table 6: PUBLICLY-ELD FOBEIGN BONDS; PART I, ISSUES IN THE UNITED STATES National and Government Guaranteed Bonds and Bonds of Political Subdivisions of Non-IBRD Member Countries Summary of treatment of bonds outstanding during the -period December 31, 1945 to December 31, 1952 Page 1 Period of Debt adjust- Treatment Treatment Country default, ment plan of of interest arrears Future interest Maturities Sinking fund if any Type Date principal Europe Bulgaria 1933 to D1 1934- No Coupons paid at No provision. No change. In default since 1933. present 1941 change 17 1/6%-50% of face value in full settle- ment 1934-1941. Danzig 1939 to 1937 21 100% No arrears to the time Reduced to 4 1/4V- Extended 5 years. cumulative sufficient present of the proposal* 4 1/2 from 6%-6 1/2%. to retire bonds by maturity. Estonia 1940 to None - - - present Hungary National 1933 to D1 1934- No Partial payments 1934- Reduced to 4 1/2% from No change. In default since 1933. government present 1941 change 1937. 7 1/2% by plan of 1937. Political sub- 1932 to 1933- No Payments in pengoes Offer of 1 3/4 p.a. No change. In default since 1932. divisions present 1941 change 1933-1937. 1938-1941. Poland 1936 to D1 1937- No Arrears on 6fe-8% bonds Reduced to 4 1/2% from No change. In default since 1936. present 1938 change settled at 4 1/4% p.a. 6--8%. Rumania 1933 to D1 1934- No Coupons paid at 50%-65% No provision. No change. In default since 1933. present 1937 change 1934-1937. Russia 1919 to None - - present See footnote at end of table. Table 6: PUBLICLY-HELD FOREIGN BONDS; PART I. ISSUES IN THE UNITED STATES (Continued) National and Government Guaranteed Bonds and Bonds of Political Subdivisions of Non-IBRD Member Countries Summary of treatment of bonds outstanding during the period December 31, 1945 to December 31, 1952 Page 2 Period of Debt adjust- Treatment Treatment Country default, ment plan of of interest arrears Future interest Maturities Sinking fund if any Type Date principal Latin America Argentina National None None - - - All bonds paid off in government 1946 orior to maturity. Political sub- 1932- 02 1935 & 100% Paid partly in cash and Reduced to 4 3/8%- Extended to 1954-1977 Cumulative of approxi- divisions 1937 1937 partly in arrears 4 3/4d from 6 1/2%- from 1947-1961. All mately 1%. certificates. 7 1/2%. bonds paid off in 1946- 1947 prior to maturity. Asia Israel None None - Note:, For key to symbols for types of debt adjustment plans, see Table 5. . Never put in operation due to invasion of Danzig by Germany. IBRD - STATISTICS SECTION September-29, 1953 Toe 2: PU5ICLY-R7LJ 7D0IGT bUDS; PART I, ISSIS IT TEV UI'~:I STATES Natonal and Governuent Guaranteed 7onde of IBRD Meabor oortries Prices od ylelds 1945-1953 klad piod• Difference betwenn Ene6 1of7 u94eri9nde1990 - 1952 Setember 30, 1953 1952 a95 1945 i952 and 1945 1946 1947 1948 199 1950 1951 1952 4lo for period Price Ylld Price Yleld Price Yield Price Yleld Prico .Yield Price Yield Pri.o iield Price 1 ield Price Yield Price Yteld Prie Yield lorth An..roca Canada 2 34, 19 19?1 2 072 109 112 2.094 103 7/8 2 71?1 105 2.47ý1 102 1/4 2.63 101 1/8 2.69 95 1/4 3.04 95 5/8 3.03 93 1/2 3.18 - 6 5/82// +10.402/ + 3/8 -0.015 U.S. Tresu 2 14,141972 99108 /31 . 2.O 106 1/4 2.1W- 101 2.47 102 2.372_/ 106 2.09/ 103 112 2.242 97 2.69 95 1/4 2.81 95 2.85 -13 1/2 +0.85 - - Europe Bel1=u 6%, 1925-1955 105 1/2 5.23 108 4.78 105 1/4 5.10 104 1/4 5.17 106 3/8 4.56 103 5.16 104 1/2 4.36 102 3/4 4.55 103 1/4 3.75 - 2 3/4 -0.68 - - Denrk 4 1/2%, 1928-1962 96 4.85 97 3/8 4.75 90 5.52 65 1/4 9.12 75 3/4 7.53 ?1 8.57 ?7 3/8 7.74 91 3/4 5.66 100 1/2 3.6å2J - 4 1/4 +0.81 +26 1/2 -3.46 Finland 5%. 1928-1961 89 7/8 5.98 76 7.73 55 11.72 50 1/2 12.92 56 1/2 12.10 70 9.60 67 10.52 7? 8.92 90 1/2 6.54 -12 7/8 +2.94 +26 1/2 -2.80 Netherland 3 3/4%. 19417-1957 . - - 91 4.97 94 7/8 4.5. 95 3/8 4.46 99 3.93 93 1/2 5.16 100 1/8 3.72 100 -/4 0. 70/ - 9 1/85/ -1.255/ + 9 1/8 -1.25 '3oay 4 1/45, 1936-1965 105 1/4 41/45/ 104 7/8 37/82 91 1/2 5.81 86 1/2 5.52 95 1/2 4.67 96 1/8 4.63 99 1/4 4.32 99 3/4 4.28 101 3/4 0.73/ - 5 1/2 2/ +13 1/4 -1.24 Greece 6%, 1928-1968 17 3/4 ä/ 11 1/4 l 6 1/2 / 5 1/2 J 9 1/8 / 6 1/4 / 8 1/2 / 8 3/4 / 15 1/4 / - 9 + 3 1/4 - Italy 1-3% - 1977 9/ 1_2/ .11 10/ /11 24 13.96 18 1/2 8.43 40 1/8 8.96 30 12.27 42 1/2 0.90 44 1/8 8.49 49 7/8 7.67 +20 1/8/ --5.47Y +25 5/8 +o.06 oe os akla 6% (8),92 99 11 108 9.26-V 75 18.67U12 49 3/4 20.101 52 26.92UI 46 1/2 21.4712 51 1/2 27.1512/ 27 1/8 8/ 37 1/4 8/ -80 7/15 - - - Yugoslavia B- 7%, 1922-1962 19 1/8 9 3/ / 5 1/8 / 5 3/4 3/8 / 9 5/8 / 10 / 9 7/8 / 15 / - 9 1/4 - + 4 3/4 - Austr-lIa 3 3/8%, 1947-1962 15/ 103 4.289 103 1/4 3.025/ 83 5.07 85 4.95 90 5/8 4.38 87 4.81 82 1/2 5.51 81 1/2 4.82 96 3.89 + 5 1/2å/äl -0.255// + 6 2/ -0.69W China 6%, 1919-1921 (no0 2 1/2%.55, - 1954) 25 å/ 26 ä/ 18 / 10 D/ 7 P/ 4 7 5/ 8 2/ 6 3/141J / -18 1/4 - + 4 - Japan 6 1/2% 1924-1954 (.t. 1964 10/ 11/ 1/ ä/ 10/ L/ 19/ 11/ LO/ 1./ 57 3/4 11/ 9 3/8 1/ 12712/ 11/ 87 1/2 8.31 +69 1/4 - +69 1/4 - Latin America C8 2 8Rica 71, 1926-1951 12 3 1 1 Di 2 12 3/8 4 / 191/8 51 / 1 1 8o43 18 51 37 1/2 3 8 3 + 1 1/4 - +25 1/8 - 12t Ia7% 9215 .4/ -'18 12 11 1/8 1.55IB - 18' 7 3.1 1 7/8 ~ 1 0 112 3.50 111 1/2 L108 14 "18i - 1 -0.13 + 1 -0.12 cub. 4 1/2% 1937-1977 112 1/ 3 9 3?5<1 1121 k.2' 1114u.pv' 1 i/ 3.ow 1,1 8 350B11Jq 139 5 Ecuralor5% 6. 1899-1932 10J / 18/ O 1i / / l_/ L/ LOJ / 18 8y 23 D/ 21 8/ 23 Le Di + 3 2/A/ - + 3 5/ - El Salador 3 1/2%, 1947-1976 - - - - 48 3/4 8.82 56 3/4 7.10 58 1/2 6.95 63 1/8 6.48 64 6.944 64 6.51 59 1/2 6.40 +15 1/14 -2.31 +15 1/4, -2 31 Mexico 4%, - 1954 (ext. 1968)ZO/ 12 3/8 8/ 10 1/8 ?.75 6 7/8 11.93 4 5/8 18.24 5 1/4 16.62 7 1/2 11.90 8 3/4 18.33 8 7/8 10.59 9 1/2 10.00 - 1 '/495l9/ «.8// + 41/41/ -7.6¯5 Bolivia 7%, 1928-1969 14 k/ ? ål 4 7/8 8/ 9 3/8 §/ 13 1/2 8. 17 3/8 ?/ 19 1/2 å/ 12 2/ 12 1/4L6 / - 2 - + 7 1/8 - Brazil "A 3 3/8%, - 1979 61 6.15 54 695 47 .98 46 8.20 54 1/2 6.99 59 1/8 6.56 64 6.08 55 3/4 7.03 60 6.57 5 1/4 +0.88 + 9 3/4 -1.17 Ohile 1 1/25-3%, - 1993 2_/ 22 1/4 5.06 22 5/8 5.311- 21 1/4 6.1 28 3/4 3.582 26 3/4 10.95 35 5/8 8.58 39 3/4 7.78 37 8.40 36 1/8 8.67 +10 1/42/9/ -2.553/!/ +10 1/4/ -2:.S- olombia 3%, 1940-1970 59 3/8 6.33 56 6.72 45 1/4 8.42 36 10.52 41 5/8 9.45 46 3/8 8.75 53 1/2 7.74 52 3/8 8.06 52 1/8 8.30 - 7 +1.73 +16 3/8 2.46 Peru 1% - 3%. 1997 2 28 5/3 ?/ 18 3/8 / 15 7/8 / 15 3/8 17.44 18 5/8 14.81 26 3/4 10.77 39 1/4 7.68 39 1/2 7.73 39 7/8 7.96 +24 1 /BLIlU -9.71 / / +24 1/8-/ -9.719 Uruguay 3 3/4% - 4 1/8%, 1937-1979 89 4.82 95 1/4 4.40 83 5.22 78 1/2 5.62 82 5.33 93 1/2 4.54 93 5/8 4.54 84 1/2 5.21 89 7/8 4.81 - 4 1/2 +0.39 + 6 -0.41 1 Prior to 1949, 3 1/46 bonde duc January 15, 1961. LB/ Yeld to average rIity. / ield to next call date. 9f C.onis on~th 1950 nrice and y1eld. 3/ Copari.on with 1949 price and ylold. 20/ Prior to 1946, ' bond doc January 1, 1945. F-r tIli country, two aeriel of bonns are shomn, one in the earlier years and one in the later. Co-parison oas 1/ Prior to 1945, 5% bonos d e Feruary 1, 1961. made ithin the serieB shown for 1952. It oas belleved th-t it ua not votod to make a comarioon 1,ith the 2~, Prior to 194., 6% Snd.s doe December 1, 1960. ear3 ler eries. C" - --ari4so ith 1948 orice and yeld. 5/ iell to next call date is negative; theorefore, there Is snown the number of nrice points the holder of the land 2/ Inluded for comoarison. ,ould lose if the bonde wer. called on the re-:t eml. date. 6/ CoparisonoIth 1947 pr.ce o n, .ield. 7f Te difference beteen tho 1952 anrd 194, yicido on not saom because the 1945 yiold In to the next cl date and the 1952 yield in to :.turity. 8/ In default. 9f Prir to 1947, ?.Z bonds due Dec. 1, 1951. For 1947-1919 interest ws0 oani at 1%, for 1930-1951 at 2%, and t:,erefter at 3%. 10f Tradlg Cupended. 11 Ir.tere.t parevnts susoended. 12/ Prior to 1946, 8% lu's doe Iril 1, 1551. Å1M Curent yield. 4/ Cos.rparison %Äth 19..6 rice ýr? o d. Prir to 1947, 5% boodo dao Septlen:.er 1, 1-,. As oU ;t 7, 1953. .l/ Thid quotnton is or. wn uassenAtd bond. 17 quota on ava.la~le o aented bois ,hich ,ere rccivind full serIce at the end of 1952. IBRD - Stati5ts6 Section September 30, 1953 Table 8: PUBLICLY-BELD FOREIGN BODS; PART I, ISSUES IN THE UNITED STATES National and Government Guaranteed Bonds of Non-IBRD Member Countries Pricesi/ 1945-1953 End of period: Sept. rifference between: 1945 1946 1947 1948 1949 1950 1951 1952 30, 1952 & 1945 1952 and 1953 low for period Europe Estonia 7%, 1927-1967 56 20 (bid) 20 9 12 8 5/8 10 1/8 9 13 3/4 - 47 + 3/8 50 (ask) Poland 7%, 1927-1947 (now 4 1/2% - 1968) 26 1/8 18 7/8 9 1/4 15 7 4 5/8 6 1/2 5 3/4 9 3/4 - 20 3/8 + 1 1/8 Russia 5 1/2%, 1916-1921 11 5/8 4 1/8 2 3/8 2 2 3/8 1 3/4 2 3/4 3 1/8 4 - 8 1/2 + 1 3/8 11 No yields are shown on this table since all the bonds are in default. IBRD - Statistics Section September 30, 1953