Announcement that Trading in the Twenty-Five Year Three Percent Bonds of the Bank started on the Paris Bourse on September 14, 1950

(I IN'l'.E®fATIOWlL l3ANK ·FOB RECONSfflTC'».ION·· .• ' .. ' AN]):..DEVELOPMENT: . .. . • FOR TBE PRESS Press Release No. 213 FOB IMMEDIATE RELEASE Trading in the Twenty··fiv.e Ye~··.3'{,J I;lond.13 of the ·International Bank for Reconstruction and Development st·art.ed t~y on the ·Par'is Bourse. Eugene R. Bl.ack, President of the· International Bank, ·ret~~ntly announced in Paris that the Ministry of Finance had authorized the introduction and listing of the Bank's dollar bonds in France. The li~~ing application was made by Lazard Freres et Cie. and the Banque de Paris et des Paye•Bas who will act as p~ring agenta in ,ranee. The opening quotation for the 3'a established by the Compagnie des Agents de Change de Paris was 375,000 French Francs, equivalent tQ approximately $1,071 per 1,000 dollar bond. In accordance with the customary practi9e on the Paris· Bourse, the bonds are traded on a "flat" basis-· that is, including accrued ~ interest. V~. Black expressed himself as particularly gratified that the Franch fin· e.ncial market would ~enceforth be in a positiQn to-interest itself directly in International Bank bonds. He stressed that this development as well as similar steps taken by other countries reflect the exceptional value of these securities and the internationai character of the B~k. "The B.ank is moat appreciative of the full cooperation and assiatance ~eceived from tbe French Gov~r:nment," Mr. Bl~ck commented, "witbout which this operation could not have been carried out. a. Under pre.sent hench foreign exchange :;regul~tiona residents of France may purchase, in ··the United States, International Bonk bonds with dollars acquired through the sale in the United States of ·other securities. · II\ternat:j.onal Bank bonds so acquired will" from now on.be.otfict~llY·traded ·on the Perie Bf\uree and • may be purchasec:1 ditectl.y aga.ina-t · French tranc.s ·• Payment in France of' interest and principal will be made through the Frenehpaying ~genta., who·wilJ,. in accor- dance with present exc~ge regulat:J;one a~ll:the dollar proceeds and pay the holder,·· 1n ·French francs •.