INTERNATIONAL BANK FOR RECONSTRUCTION AND … · 2017. 12. 13. · it be quoted as representing the Bank's views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT SURVEY OF PUBLICLY-HELD

E.C.-21a

This report is not to be published nor mayit be quoted as representing the Bank's views.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 StaffPrepared by: Carel deBeaufort

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Table of Contents

PagePART I - Bonds issued in the United States

A. Changes in the volume of outstandingbonds and in debt service status 1

1. National and Government guaranteed bondsissued by IBRD member countries 3

2. Bonds issued by political sub-divisionsof IBRD member countries 3

3. National and Government guaranteed bondsissued by non-IBRD member countries 4

4. Bonds issued by political sub-divisionsof non-IBRD member countries 4

B. Analysis of the Treatment of ForeignBonds 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 Countries1-a: Principal outstanding as of December 31, 19451-b: Principal outstanding as of December 31, 19521-c: Changes in principal outstanding from Dec.31/45 to Dec.31/52

Bonds of Political Subdivisions of IBRD Member Countries2-a: Principal outstanding as of December 31, 19652-b: Principal outstanding as of December 31, 19522-c: Changes in principal outstanding from Dec.31/45 to Dec.31/52

National and Government Guaranteed Bonds of Non-IBRD Member Countries3-a: Principal outstanding as of December 31, 19453-b: Principal outstanding as of December 31, 19523-c: Changes in principal outstanding from Dec.31/45 to Dec.31/52

Bonds of Political Subdivisions of Non-IBRD Member Countries4-a; Principal outstanding as of December 31, 19454-b: Principal outstanding as of December 31, 19524-c: Changes in principal outstanding from Dec.31/45 to Dec.31/52

5: National and Government Guaranteed Bonds and Bonds of PoliticalSubdivisions of IBRD Member Countries - Summary of treatment ofbonds outstanding-during the period Dec.31/45 to Dec.31/52

6: National and Government Guaranteed Bonds and Bonds of PoliticalSubdivisions of Non-IBRD Member Countries - Summary of treatmentof 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 MemberCountries - 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 ofdebt during the post-World War II period. Quotations during this period forforeign 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 availableupon completion.

The history of the bonds of individual countries will be found in theattached 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 outstandingbonds and in debt service status

As shown in the following table the improvement in the servicingstatus of the bonds issued by IBRD member countries and their political sub-divisions has been substantial. On the other hand the volume of defaultedissues has remained constant among the non-IBRD member countries.

1/ Publicly-held foreign bonds - as used in this survey this term refers tobonds issued to the general public outside of the debtor's country. Itshould 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 1952Principal 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 6.2their political sub-divisions

Non-IBRD member countries 330 146 44.2 301 146 48.5and 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 anet reduction of debt as follows:

(in millions of U.S. dollars)

IBRD member Non-IBRD membercountries and their countries and theirpolitical sub-divs. political sub-divs. Total

Additions to the debtNew issues 976 155 1,131Funding of interest 126 - 126

1,102 1 1,257Reductions in debt

Amortization 1,316 184 1,500Adjustment plans 166 - 166Changes 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 thenominal value of bonds, regardless of their market value.For the purposes of this survey an issue of bonds is classified as being indefault if, at the time in question, it is not being serviced in accordancewith the original contract terms or a settlement or adjustment plan whichhas been assented to by the majority of the holders of the bonds or has beenrecommended to bondholders for acceptance by Foreign Bondholders' ProtectiveCouncil, Inc. An issue of bonds which is being serviced in accordance withsuch a plan is not classified as being in default even though some of theindividual holders may not have assented to the plan. There are disputesregarding 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 guaranteedbonds issued by IBRD member countries

The volume of outstanding bonds falling under this heading has beendetermined 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-canalyses the changes in outstanding totals and service status which took placeduring the 1945 through 1952 period.

The total outstanding principal stood at $2,584 million at the endof 1945. During the subsequent period of seven years new issues and the fundingof interest arrears added $600 million to the debt while amortization and debtadjustment reduced it by $1,042 million. Thus there was a net reduction of $442million during the period, bringing the outstanding amount at $2,142 million atthe end of 1952.

As of the end of 1945 $977 million or 37.8% of the total debt was indefault. By the end of 1952 the defaulted debt had been reduced to $167million 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 Austriais at present in process of being settled, while Denmark is progressively payingoff arrears on its debt. This leaves a balance of $141 million debt -- 6.6% ofthe 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 5.5Czechoslovakia 2.2 Serviced under 1946 Settlement

until new default in 1952.Greece 41.7Philippines 2.8 Default on Sinking Fund only of

Manila RR. bonds.Yugoslavia 29.6

A further improvement during the period under review consisted of thesubstitution 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 1945and 1952 respectively of bonds falling under this heading. They also show thestatus of the bonds as to service or default. Table 2-c analyses the changes inoutstanding totals and service status which took place during the 1945 through1952 period.

The total outstanding principal stood at $856 million at the end of1945. During the subsequent period of seven years new issues - all of whichwere 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 indefault. By the end of 1952 the defaulted debt had been reduced to $22 millionor 2.4% of the then outstanding total. Of the remaining defaulted debt $18million consists of bond issues of debtors in Austria and Denmark. The Austriandebt is at present in process of being settled, while the Danish debt is beingpaid off in instalments. This leaves a balance of $3.7 million debt -- 0.4% ofthe 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 GreaterPrague and in the case of Mexico debts of the States of Coahuila and Jalisco.

3. National and Government guaranteed bondsissued by non-IBRD member countries

Tables 3-a and 3-b summarize the totals outstanding at the end of1945 and 1952 respectively of bonds falling under this heading. They also showthe status of the bonds as to service or default. Table 3-e analyses the changesin outstanding totals and service status which took place during the 1945 through1952 period.

The total outstanding principal stood at $261 million at the end of1945. During the subsequent period of seven years new issues - all of which wereof Israel - added $155 million to the debt, while amortization of Argentina'sdebt reduced it by $133 million. Thus there was a net increase during the periodof $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 indefault. On December 31, 1952 the defaults remained unchanged; they amounted onthat date to 45.2% of the then outstanding total. The issues of Israel are theonly 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 of1945 and 1952 respectively of bonds falling under this heading. They also showthe status of the bonds as to service or default. Table 4-c analyses the changesin outstanding totals and service status which took place during the 1945 through1952 period.

The total outstanding principal stood at $69 million at the end of1945. During the subsequent period of seven years this amount was reduced byamortization of Argentinean issues to $18 million.

As of the end of 1945 $18 million or 26.1% of the total debt was indefault. On December 31, 1952 the defaults remained unchanged. The defaultsconsist of all outstanding issues; e.g. those of Hungary and Poland.

B. Analysis of the Treatment of ForeignBonds 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 Norwaywere serviced throughout the period in accordance with the original contractualterms. The majority of the other debtor countries serviced their debts underadjustment plans. As shown in the table on Page 3 six IBRD member countriesremained in default at the end of the period. In addition the issues of sevennon-member countries remain in default. The changes involved in adjustment plansranged from very minor modification of the original contract terms, such assmall reductions in contract amortization, to drastic scaling down of originalamounts 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 cancellationof 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 indicatewhether the adjustment took place on a unilateral, bilateral or multilateralbasis.

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 Railroadall 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 NewYork at the end of each of the years 1945 through 1952. For the ?urpose ofcomparison 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 statusthe 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 securedhave generally declined somewhat since 1945. This reflects that the improvedservicing status can only gradually restore investor confidence and that suchconfidence has also been influenced by the many other factors which affected pricechanges during the period. However, it should be noted that prices were generallysubstantially 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 onlyforeign bonds quoted in the New York market which fluctuate mainlyin line with high grade U.S. bonds. However, during 1952, thestrength of the Canadian dollar caused large purchases of Canadianbonds for repatriation. As a result their prices did not followthe decline of U.S. bonds during that year. The rise in interestrates 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 ofAustralian, Belgian, Cuban, Netherlands' and Norwegian bonds. Theapproaching maturity in 1955 of the Belgian issue, combined withheavy amortizations, supported these bonds. Cuban bonds werelargely in demand by Cuban nationals on account of their taxadvantages. Amortization and repatriation of Netherlands' andNorwegian bonds was a factor in the rise of their quotations.Another factor was the improved confidence of investors in WesternEurope.

3. the conclusion of adjustment plans and/or a record of regularservice under such plans. While Japanese bonds rose in the mostspectacular manner, the bonds of Chile, Costa Rica, Ecuador, ElSalvador, Italy and Peru all showed substantial improvements overthe period under review. Exceptions were Brazilian, Colombian andMexican issues. Although the outstanding amounts were greatlyreduced by amortization, other causes depressed these bonds. Inthe case of Brazil quotations declined when it became apparentin 1952 that the country faced grave transfer difficulties. Thecomplications of the internal political situation in Colombia werereflected in depressed prices for Colombian bonds. They improvedgradually, however, after a low level was reached in 1948. Inthe case of the Mexican bonds small and uncustomary denominationsand odd interest rates continued to impair their marketability.

Ij. international developments and tensions. These influenced allEuropean bonds at one time or another but especially the bonds ofCzechoslovakia and Finland. Quotations for Czechoslovakian bondswent down when the government was taken over by the Communists.They declined further upon default in 1952. Finland's proximityto Russia depressed quotations for its bonds. After 1949 pricesincreased in line with the general improvement in prices ofEuropean bonds.

5. internal political developments. As already mentioned under 3this factor was important in the case of Colombia.

6. important changes in prices of export products. The rise ofcoffee prices in 1949 improved quotations for issues of Brazil,Colombia, Costa Rica and El Salvador. Bonds of Australia andUruguay were influenced by fluctuations in wool prices.

- 7 -

7. uncertainty as to the debtor country's capacity to transfer debtservice. This factor was important in the case of Denmark. To-wards the end of the period prices recovered as a result of theimprovement in Denmark's dollar position and acceleration of pay-ments on arrears in amortization. The influence of Brazil'stransfer difficulties on the quotations for its bonds during 1952has already been pointed out under 3.

8. difficulties in marketing bonds. The unsuccessful flotation of anAustralian issue depressed quotations for all Australian bondsduring 1947 and 1948. Other factors influencing quotations forthese bonds were mentioned under 1, 2 and 6. On balance thefavorable 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 sinkingcontract 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 2 3 1 , 9 3 i12 - - - - - 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 73,398Costa 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


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 toTotal Full service current Settlement One or more Only

Country bonds Total Under Under Unassented agreed but of interest, principalTotal 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,.067Guatemala 878 878 878 - 878 - - - -

Haiti 6,684 - - - - 6,684 - 6,684Mexico 247,748 247,748 6,074 - 6,074 241,6745 - - - -Panama 15,641 15,494 14442 14,442 1,052 - 147 147Peru 85,657 - - - - - - 85,657 85,657Uruguay 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 1953to 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 December31, 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 eligibleunder 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 couponsof 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 SectionSeptember 29, 1953

Table 1-b: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES


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 RemarksTotal original contract or adjustment planCountry Full service current Settlement One or more Only (for details

bonds Total Under Under Unassented agreed but Total of interest, Principal seeTotal 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 23.538Austria 2,293 - - - - - - 2,293 2,293 - Preliminary agree-

ment reached.Belgium 4,043 4,043 4,043 4,043 - - - - - - All arrears (1943-1945) paid upin 1946i

Czechoslovakia 2,200 - - - - - - 2,200 2,200 - Settlement in 1946.New default in1952.Denmark 48,741 25,203 25,203 25,203 - - - 23,538 - 23,53811 Arrears being pro-gressively paidoff.Finland 2,183 2,183 2,183 2,183 - - - - - - -France - - - - - - All bonds paidoff 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 -


Table 1-b. PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES - Continued


Principal outstcndina as of December 31, 1952

(Expressed in thousands of U.S. dollars)

Pare 2Total Bonds subject to service under Bonds in default as to Remarks

original co tor adjushen% -planCountry Full service current Settlement One or more Only (for detailstonds Total Under Under Unassented agreed but Total of interest, princIpal seeTotal original adj. fraction nc. Fet principal or or s k.2cing

contract plan efffetive sinking fn fd Table 5Latin 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 andmunicipal 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 sinkingfund arrearsredeemed inentirety.

Dominican Republic - - -- - - - - - All bonds paid offprior 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 beingcarried out.Panama 10,163 10,163 10,163 10,163 - - - - - - All bonds refundedor paid off in1950.


Table 1-b. PUBLICLY-IMLD FOILIGN BONDS; PART I, ISSUES III THE UNITED STATES - ContinuedNational and Government Guaranteed Bonds of IBRD Member Countries

Principal outst=nding as of December 31, 1952


Page 3Total Bonds subject to service under Bonds in default as to Remarksoriginal contract or adjustment plan.

Country Full service current Settlement One or more Only (for detailsbonds Total Under Under Unassented agreed but Total of interest, principal seeTotal original adj. fraction not yet principal or or sinkingcontract plan effective sinking fund fund Table 5)

Latin America - ContinuedPeru 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 2,750China 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 in1953 to provide foreign exchange for debt service.


Table 1-0: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES


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 outstancingCountry increase (+BY By Due to By By new issues

or decrease (-) Total amortization adjustment exchange Total funding of (includingof 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 30000Austria - - - - - -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 80,869Greece - - - - - - -Italy + 21,377 13,541 4,899 j] 8,642 - 34,918 34,918 -Netherlands + 14,oo 6,000 6,000 - - 20,000 - 20,000Norway - 13,908 23,908 23,908 - - 10,000 - 10,000Yugoslavia - - - - - - -

Latin America - 425,903 446,-346 289,246 1_7,100 - 20,443 9.910 10,533Bolivia - - - - - - -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 7,175Costa Rica + 499 149 149 - - 648 648Cuba - 30,053 30,162 30,162 - - 109 76 33Dominican Republic - 12,086 12,086 12,086 - - -El Salvador - 1,729 3,710 3,710 - - 1,981 1,981Guatemala - 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)


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 (includingof par rates interest refundinas)

Latin America (Continued)Mexico - 166,156 166,156 12,027 154,129 - - -

Panama - 5,478 15t978 15,978 - - 10,500 - 10,500Peru - 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 - 4S400Australia + 37,223 90,777 90,777 - - 128,000 - 128,000Canada - 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 SECTIONSeptember 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


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, principalbonds Total original adjustment fraction not yet principal or or sinking

contract plan effective sinking fund fund

Total 288ZTo§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 -a6AAustria 4,336 - - - - - - 4,336 4,336Belgium :9,5t4 - - - - - - 9,544 9,544Czechoslovakia 604 - - - - - - 604 604 -

Denmark 31-,420 29,000 29,000 29,000 - - 2,420 - 2i420Finland 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_58Australia 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


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 toTotal 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 sinkingcontract 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 13.770Austria 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 - 13,770Finland 3,756 3,756 3,756 3,756 - - - - - -

Norway 961 961 961 961 - - - - - -

Latin America 39.52 36,270 36,270 1,252 3.252Brazil 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 SECTIONSeptember 29, 1953

Table 2-0: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES


Changes in orincinal outstanding from -Dece-mber 31, 1945 to December 31, 1952


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 (includingof 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 CTIONSeptember 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


Bonds subject to service under original contract or adjustment -plan Bonds in default as toTotal Full service current Settlement One or more Only

Country Total Under Under Unassented agreed but Total of interest, ptin6ipalbonds 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 3,271Poland 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 -


Table_ -b PUBLICLY-HELD FOREIGN BOIDS; PART I, ISSUES IN THE UNITED STATES


Princi-al cutstanding as of December 31, 1952

(Expressed in thousands of U.S. dollars) -

Bonds subject to serviceTotal d onds sujet o ste Bonds in default as to Remarksunder ori inal cont.iaot- or-adjustment plan

Country bon=W - Full service cur0ent Settlement One or more Only (for detailsTotal Under Under Unassented agreed but Total of interest, principal seeTotal 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 in1946, prior tomaturity.

Asia 154,500 154,500 154,500 154,500 - - - - - - -

Israel 154,500 154,500 154.500 154.500 - - - -


Table 3-c: PUBLICLY-HELD FOREIGN BONDS; PART I, ISSUES IN THE UNITED STATES


Changes in Drincipal outstandink from December 31., 1945 to December 31, 1952


Net Reduction in principal outstancLng Increase in p n aqu ainCountry increase (+) 13 Due to B By new issues

orTotal amortiation adjustment exchange Total funding (includingdecrease () 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 - 154,500Israel + 154,500 - - - 154,500 - 154,500


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 toTotal Full service current Settlement One or more Only

Country Total Under Under Unassented agreed but Ttal of interest, principalbonds Total original adjustment fraction not yet principal or orcontract 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 - -


Table 4-bt PUBLICLY-BELD FO1rIGN BONDS; PART I, ISSUES IN TIM UNITED STATES


Principal outstanding as of December 31. 1952


Bonds subject to service Bonds in default as to Remarksunder original contract or adjustment plan

Total Full service current Settlement One or more Only (for detailsCountry Total Under Under Unassented agreed but Total of interest, principal seebondsyTotal 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.


Table 4-at PUBLICLY-HBED FOREIGN BONDS;- PART I, ISSUES IN TBE UNITED STATES


Changes in Drincinal outstandinet frt December 31, 1945 to December 31, 1952


Net Reduction in principal outotanding Increase in princinal outstandingincrease (+) By Due to 2Y By new issaes

Country or Total BY adjustment exchange Total funding (includingdecrease () 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 SectionSeptember 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 TreatmentConatry 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 erarear per $1.000 bond). Copons 1945-1953 to be paldl by Auctria at 4 1/2p.a. ($382.50 for $595 of arrearper $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 ee1952- 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 ofpresent 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 eftDames 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% ttreafterinterest 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 agreement1932-1941. ln 1937. Provided for n ofComplote, non at 27 1/44 of facedofemit 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 partialpa~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 ad484.20 per $1,000 bond vere 1952. Redned from 6 1/2%-?%. P.a. therafter.

funded.

Betherland None sone - -

Nu-$> ron. 7ne -


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 TreatmentCountry 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 andpresent settlement of 7.% of arrears). 1955-1956. 3% thereafter. re0aced 1940-196?). principal.

fre. 6%-8%.

Brasil 1931. 19441943j/ (option of

Plan A or For unpaid coupons of 1931-1934Plan 3) and 1941-1943 a cash payment per

Plan A e2 *1,000 bond ofl Reduced to iztended to: Cumulative siaking fucd ofsNational 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

StatesSao 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 tiWng21 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 incertificates at time of assent to1948 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.


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 Treatmentcountry 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 andinterest.

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 $2,000,0001937 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 provisionsarrears. 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 dollarunpaid 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 andamortisation.

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 bonds50% 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 ofest 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 equaldischarge of 1923-1945 arrears. duced to $0.32 and $1.42. installments.

respectively.

Railway debt 1946(option ofPlan A orPlan 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 ainlativelco 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 treatmentCountry 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 incomecash and partly In 5% arrears otts. of Constitutional Fund and fromIn 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.

1943Peru

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 to1917 Plan are to receive $90 incash 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.. , increasingOld 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 1938-194432artible 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 noby 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 TreatmentCountry 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. Otherwiseunchanged) 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 SECTIONSeptember 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 TreatmentCountry 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 sufficientpresent of the proposal* 4 1/2 from 6%-6 1/2%. to retire bonds by

maturity.Estonia 1940 to None - - -

presentHungary

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 TreatmentCountry 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 ingovernment 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 oortriesPrices od ylelds 1945-1953

klad piod• Difference betwennEne6 1of7 u94eri9nde1990 - 1952 Setember 30, 1953 1952 a95 1945 i952 and

1945 1946 1947 1948 199 1950 1951 1952 4lo for periodPrice 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..rocaCanada 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 -0.01

5

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 -3.46Finland 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 -2.80Netherland 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%, 1928-19

68 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 (no02 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 AmericaC8 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 L10

8 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 5Ecuralor5% 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 31Mexico 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 -1.17Ohile 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-/ -9.719Uruguay 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 fullserIce at the end of 1952.

IBRD - Stati5ts6 SectionSeptember 30, 1953

Table 8: PUBLICLY-BELD FOREIGN BODS; PART I, ISSUES IN THE UNITED STATES


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

EuropeEstonia 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.


INTERNATIONAL BANK FOR RECONSTRUCTION AND … · 2017. 12. 13. · it be quoted as representing the Bank's views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT SURVEY OF PUBLICLY-HELD

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