Date
Timeline Description

The first non-U.S. dollar bond was sold for five million pounds by a London banking firm.

Detail Description

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.

Image Timeline
Correspondence from President Black to Rt. Hon. H. T. N. Gaitskell (1849869).
Image Timeline Caption

Correspondence from President Black to Rt. Hon. H. T. N. Gaitskell (1849869).

Resource
Title
Correspondence from the Rt. Hon. H. T. N. Gaitskell to President Black
Image
Correspondence from the Rt. Hon. H. T. N. Gaitskell to President Black
Description
May 29, 1951
In this short note, the Chancellor of the Exchequer mentions his assistance with the Bank's first bond issue in the London market (1849869).
Event
78
Title
Correspondence from President Black to Rt. Hon. H. T. N. Gaitskell
Image
Correspondence from President Black to Rt. Hon. H. T. N. Gaitskell
Description
April 18, 1951
President Black congratulates the Chancellor of the Exchequer on his budget speech (1849869).
Event
78
Title
International Bank Notes, Vol. 5, No. 6
Image
International Bank Notes, Vol. 5, No. 6
Description
Document date: June 1, 1951
An article on the front page titled "Mr. Black in Europe" concerns his trip to sell the U.K. bond.
Event
78
Title
Minutes of the 23rd Special Meeting of the Executive Directors
Image
Minutes of the 23rd Special Meeting of the Executive Directors
Description
Document date: April 19, 1951
The minutes relate how the Board authorised management to proceed with the U.K. bond offering.
Event
78
Title
Interview with Eugene Black
Image
Interview with Eugene Black
Description
Interview date: August 6, 1961
On pages 16-18 of the transcript, Black discusses the reasons for selling World Bank bonds in non-American markets.
Event
78
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