The first non-U.S. dollar bond was sold for five million pounds by a London banking firm.
In 1948, the World Bank issued its first non-dollar bond, a private placement for 17 million Swiss francs. However, it wasn't until 1951 that the Bank issues its first non-U.S. dollar bond offering to the public. The sale is significant as it showed the expanding international market for World Bank bonds. The five million pound bond is sold by Baring Brothers and Co. Ltd., a London banking firm.
In this short note, the Chancellor of the Exchequer mentions his assistance with the Bank's first bond issue in the London market (1849869).
President Black congratulates the Chancellor of the Exchequer on his budget speech (1849869).
An article on the front page titled "Mr. Black in Europe" concerns his trip to sell the U.K. bond.
The minutes relate how the Board authorised management to proceed with the U.K. bond offering.
On pages 16-18 of the transcript, Black discusses the reasons for selling World Bank bonds in non-American markets.