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Proposed Commonwealth borrowing in Europe



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TREASURER

PRESS RELEASE NOt 17

EMBARGO NOT FOR RELEASE BEFORE 8.30AM 14 MARCH 1978

STATEMENT ΒΎ THE TREASURER, THE HON JOHN HOWARD, M.P.

PROPOSED COMMONWEALTH BORROWING IN EUROPE

The Treasurer, Mr Howard, announced today that the Commonwealth

had commenced negotiations with the Deutsche Bank In

Frankfurt with a view to arranging a further US dollar

loan in Europe. :

The issue is expected to be for an amount of the order

of SUS300 million.

The proposed borrowing by way of a public note issue will

be the Commonwealth’s third recent Eurodollar issue and

follows the very successful $US300 million issue in this

market in September 1976 and the $US250 million issue in

September last year.

The proceeds of the issue, which are expected to be

received about the m d of the month, will form part of

the Commonwealth’s >n-going borrowing program for 1977-78

announced in Septem >er last year.

CANBERRA ACT 14 March 1978