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World Bank Document SUPPLEMENT TO EC -41 Public Disclosure Authorized This report is not to be published nor may it be quoted as representing the Bank's views. Public Disclosure Authorized INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT SURVEY OF PUBLICLY-HELD FOREIGN GOVERNMENT BONDS PART II - BONDS ISSUED IN EUROPE SUPPLEMENT STATISTICAL TABLES Public Disclosure Authorized Public Disclosure Authorized January 28, 1955 Economic Staff Publicly-Held Foreign Bonds; Part II, Issues in Europe List of Tables General Notes Tables: National and Government Guaranteed Bonds of IBRD Member Countries 1-a: Principal amount outstanding December 31, 1945 1-b: Principal amount outstanding December 31, 1952 1-c: Changes in principal amount outstanding Dec.31/45 to Dec.31/52 Bonds of Political Subdivisions of IBRD Member Countries 2-a: Principal amount outstanding Deoember 31, 1945 2-b: Principal amount outstanding December 31, 1952 2-c: Changes in principal amount outstanding Dec.31/45 to Dec.31/52 National and Government Guaranteed Bonds of Countries not Members of IBRD 3-a: Principal amount outstanding December 31, 1945 3-b: Principal amount outstanding December 31, 1952 3-c: Changes in principal amount outstanding Dec.31/45 to Dec.31/52 Bonds of Political Subdivisions of Countries not MIembers of IBRD h-a: Amount outstanding December 31, 1945 h-b: Amount outstanding December 31, 1952 4-c: Changes in principal amount outstanding 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 Countries not members of IBRD - 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 1945-1954 8: National and Government Guaranteed Bonds of Countries not members of IBRD - Prices and Yields 1945-1954 General Notes 1. Bonds As used in this study, the word "bonds" refers to publicly-issued loan capital. 9. V,arket of issue For the ihost part the bonds included in this part of the study (Part II) were issued in various markets in Europe. As information on the market of issue in most cases was very incomplete or not readily available, bondg issued in all countries except the United States (already covered in Part I) were included. It is believed that only a very small portion of these bonds were issted outside of Europe and therefore the title "issued in Europe" on the following tables should be substantially correct. 3. IBRD meniber cQuntries In the tables the borrowing countries have been divided into IBRD member countries and countries which are not mermbers of the Benk according to their status as of December 31, 1952. Since member countries accept mem- bership in the Bank both on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerain. ty, or authority and all territories in respect of which they exercise a mandate, the latter have also been included with the members. Indonesia, which was included in the tables showing countries which are not members of the Bank as of December 31, 1952, was admitted to member- ship on April 15, 1954. Although Haiti and Israel have also become members of the Bank since December 31, 1952, these countries did not have any external bonded indebtedness and were therefore not included in these tables. Czechoslovakia, which was formerly a member of the Bank, ceased to be a member on December 31, 1954. The Sudan has not been included in the tables in view of its transitional status which is at present governed by the Anglo-Egyptian Agreement of February 12, 1953. The external indebtedness of the Sudan includes bond issues amounting to £ 6,340,000 ($25,550,000) on December 31, 1945, and £ 5,080,000 ($14,224,000) on December 31, 1952. During the intervening period, bonds amounting to £ 1,260,000 ($5,078,000) were retired. In addition to the bond retirements a reduction of $6,248,000 in the dollar equivalent of the total was due to the devaluation of the pound. 4. Exchange rates The following principles were followed in converting outstanding amounts in other currencies to U.S. dollhrs: a. Except as otherwise provided below conversions as of December 31 of 1945 and 1952 were made at ILT par values or at current rates of exchange, if there was no par value, as of each of those dates. -2- 4. (Continued) b, If a bond is payable in more than one durrency at the current market rate, conversion of the original currency of denomina- tion was made at the International .onetary Fund par value. In absence of a par value, conversions were made at the official rate or current rate as shown in "International Financial Statistics"v, a publication of the International Monetary Fund. c. If a bond is payable in more than one currency and specific rates of relationship between the currencies are stated in the contract, the IMF par value or current rate for the least depreciated currency wes used. For example, if-the bond in- denture states that the bond is payable in pounds sterling, French francs or reichsmarks at £ 1 = fr 25 = RM 20, the ster- ling value, being the highest, was converted to U.S. dollars. Furthermore, when optional payment was specified in dollars, the dollar rate stated in the contract was used. For example, if the contract of a sterling bond stated that payment would be made in pounds sterling or U.S. dollars at £ 1 = $4.8665, the sterling principal amount was converted at this rate. d. Bonds payable in gold were converted at the dollar value,at the time of issue of the bond, of the gold content of the cur- rency as specified in the contract. For example, bonds payable in gold francs were converted at fr 1 = $0.193 for bonds issued before 1926 and at fr 1 = $0.0663 for bonds issued in 1926 or thereafter. e. Whenevrer a multiple or optional currency clause or a gold clause was altered or reinterpreted by a debt settlement plan, the terms of the plan were followed in converting to U.S. dollars. 5. Bond prices and yields As far as possible in selecting bonds for the tables of prices and yields, an attempt was made to find bonds which were generally representative of the bonds of the country. The best possible combination of the following qualifications was sought: a. Largest amount outstanding in the hands of the public b. Reasonably active trading c. Lack of special features, such as currency clauses, which might distort the price. d. Long maturity. 6. Limitation of responsibility These tables were compiled to show the status of and changes in external bonded indebtedness from 1945 to 1952. For this purpose it was necessary to arbitrarily classify bonds, select exchange rates and interpret the settlement and disposition of debts in many cases, as reEsonably as pos- sible under the circumstances, when the actual status of bonds is contro- versial or has not yet been definitely established. Therefore, no official opinion, interpretation or suggestion on the part of the Bank should be implied as to the legal status or disposition, past or fuitlure, of these bonds. July 21, 1954 Table 1-a: PUBLICLY-HELD FOREIGN BONUS; PTR? II, ISSUES IN EUROPE National and Goveraument Guaranteed Bonds of IBERD M4ember Countries Princinal amount outstanding December 31. 1945 (In thousands of U.S. dollar equivalents) Page 1 Bonds subject to service under original contract or adjustment i-ba Bonds in default as to lorrowing cormtry aad Total Pull service current Set; e2ient One or more Only currency of denomination bonds Total Total Under Under Unassented agreed but Total of interest, principal original adjustment fraction not yet principal or or sinking contract plan effective sinking fund fund Total 5,166,043 3a254,125 2,974,170 2, 49 9 ,840 474,330 279,955. 1,911,918 1,814,559 97,359 U.S. dollars 74,119 2,121 2,121 2,121 - 71,998 71,438 560 Canadian dollars 9,507 9,157 9,157 9,157 - - - 350 350 - Pounds sterling 3,559,831 2,715,907 2,462,472 2,033,511 448,9 61 233,435 843,924 839,322 4,602 Swiss francs 280,941 173,354 173,354 147,999 25,355 - - 107,587 107,587 - French francs 754,704 168,741 122,221 122,207 14 46,-520 _ 585,963 530,306 55,657 Swedish kronor 141,267 42,148 42,148 42,148 - - - 99419 99,119 - Belgian francs 88,894 78,966 78,966 78,966 - - - 9,S28 9,928 - Netherlands guilders 61,525 16,288 16,288 16,288 - - - 45,237 45,237 - Miscellaneous 195,255 47,443 47,443 47 ,443 - - 147,812 111,272 36,540 Europe 4 2,29].085 1,001,454 1,001,45 1,001,454 - - - 1,291,631 1,194,272 972359 U.S. dollars 4,632 2,121 2,121 2,121 - - - 2,511 1,951 560 Canadian dollars 9,507 9,157 9,157 9,157 - - 33 O SQ 4 Pounds 0 sterling 848,963 535,125 535,125 535,125 _313, 309,2 4,602 Swiss francs 255,86 4 147,999 147,999 1 _ 107,587 107,587 - French francs 702,441 122,207 122,207 122,207 - - . 580,234 524,577 55,657 .Swedish kronor 141,267 42,148 42,148 42,148 - - - 99,119 99,119 - Belgian francs 85,761 78,966 78,966 78,966 - - - 6,795 6,795 - Netherlands guilders 49,982 16,283 16,288 16,288 - - - 33,694 33,694 - Xivcella2ieouR 194,946 47,443 47,443 47,443 - 147,503 110963 36.540 Table 1-a: PUBLICLY-_HLD FOREIGN BOIDS; PART II, ISSUPS IN EUROPE - Continued National and Government Guaranteed Bonds of IBRD Member Countries Principal amount outstandina December 31, 1945 (in thousands of U.S.
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