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                                                 OPPENHEIMERFUNDS
Patricia C. Foster                               OppenheimerFunds, Inc.
Vice President                                   Rochester Division
and Assistant Counsel                            350 Linden Oaks
                                                 Rochester, NY 14625-2807
                                                 Tel 716 383-1300


                                                 April 30, 1997



Securities and Exchange Commission
Mail Stop 0-7, Filer Support
6432 General Green Way
Alexandria, VA 22312

           RE:    Oppenheimer International Bond Fund ("Registrant")
                  Reg No.   33-58383
                  File No.  811-07255

To the Securities and Exchange Commission:

         An  electronic  filing  is  hereby  made on  behalf  of the  Registrant
pursuant to Rule 497(e) of the Securities  Act of 1933, as amended.  Such filing
includes a supplement  dated May 1, 1997 to the  Registrant's  Prospectus  dated
February 1, 1997.

         If there are any questions, please contact the undersigned.

                                                 Sincerely,


                                                 /s/ Patricia C. Foster
                                                --------------------------
                                                Patricia C. Foster
                                                Vice President
                                                and Assistant  Counsel
                                                (800) 552-1149

cc:      Deloitte & Touche LLP
         Myer, Swanson, Adams & Wolf P.C.
         Gloria LaFond
         Grace Loffredo








                       OPPENHEIMER INTERNATIONAL BOND FUND
                       Supplement dated May 1, 1997 to the
                        Prospectus dated February 1, 1997

The Prospectus is changed as follows:

1. The first footnote under the "Shareholder Transaction Expenses" table on 
page 3 is revised to read as follows:

(1) If you  invest  $1  million  or more  ($500,000  or more  for  purchases  by
"Retirement  Plans",  as defined in "Buying  Class A Shares - Class A Contingent
Deferred  Sales  Charge"  on page 30) in Class A  shares,  you may have to pay a
sales charge of up to 1% if you sell your shares  within 12 calendar  months (18
months for shares  purchased  prior to May 1, 1997) from the end of the calendar
month during which you purchased  those shares.  See "How to Buy Shares - Buying
Class A Shares", below.

2. In "Class A Shares" under "Classes of Shares" on page 26 the second  sentence
is  replaced by the  following:  "If you  purchase  Class A shares as part of an
investment of at least $1 million  ($500,000 for Retirement  Plans) in shares of
one or more Oppenheimer  funds, you will not pay an initial sales charge, but if
you sell any of those  shares  within 12 months of buying them (18 months if the
shares were purchased prior to May 1, 1997),  you may pay a contingent  deferred
sales charge."

3. The  following  is added to "Which Class of Shares  Should You Choose?  - How
Does it Affect  Payments To My Broker?"  on page 28:  "The  Distributor  may pay
additional periodic compensation from its own resources to securities dealers or
financial  institutions  based upon the value of shares of the Fund owned by the
dealer or financial institution for its own account or for its customers."

4. In the  second  paragraph  of  "Buying  Class A Shares  - Class A  Contingent
Deferred  Sales  Charge"  on page  31 the  first  sentence  is  replaced  by the
following:

         The Distributor pays dealers of record commission on those purchases in
an  amount  equal to (i) 1.0% for  non-Retirement  Plan  accounts,  and (ii) for
Retirement Plan accounts, 1.0% of the first $2.5 million, plus 0.50% of the next
$2.5 million,
                                                                    [continued]







plus 0.25% of purchases over $5 million, calculated on a calendar year basis.

5. In the  third  paragraph  of  "Buying  Class A  Shares  - Class A  Contingent
Deferred  Sales  Charge"  on page 31,  the first  sentence  is  replaced  by the
following:

If you  redeem any of those  shares  purchased  prior to May 1, 1997,  within 18
months of the end of the calendar month of their purchase, a contingent deferred
sales charge  (called the "Class A  contingent  deferred  sales  charge") may be
deducted  from the  redemption  proceeds.  A Class A contingent  deferred  sales
charge may be  deducted  from the  redemption  proceeds  of any of those  shares
purchased on or after May 1, 1997 that are redeemed  within 12 months of the end
of the calendar month of their purchase.

6. The third  sentence of the second  paragraph  of "Reduced  Sales  Charges for
Class A Share Purchases - Right of  Accumulation"  on page 32 is replaced by the
following:  "The  Distributor  will add the value, at current offering price, of
the shares you  previously  purchased  and currently own to the value of current
purchases to determine the sales charge rate that applies."

7. The third  sub-paragraph in "Waivers of the Class A Contingent Deferred Sales
Charge for Certain Redemptions" on page 34 is replaced by the following:

         o if,  at the time of  purchase  of shares  (prior to May 1,  1997) the
dealer agreed in writing to accept the dealer's  portion of the sales commission
in installments of 1/18th of the commission per month (and no further commission
will be payable if the shares are redeemed within 18 months of purchase);

         o if, at the time of  purchase  of shares (on or after May 1, 1997) the
dealer agrees in writing to accept the dealer's  portion of the sales commission
in installments of 1/12th of the commission per month (and no further commission
will be payable if the shares are redeemed within 12 months of
 purchase);
                                                                   [continued]

                                          -2-






8. The following subparagraphs are added at the end of "Waivers of the Class A
Contingent Deferred Sales Charge for Certain Redemptions" on page 35:

         o for  distributions  from Retirement Plans having 500 or more eligible
participants,  except distributions due to termination of all of the Oppenheimer
funds as an investment option under the Plan; and

         o for distributions from 401(k) plans sponsored by broker-dealers  that
have entered into a special agreement with the Distributor allowing this waiver.

9.  The  following  sentence  is  added to the end of the  fourth  paragraph  in
"Distribution and Service Plans for Class B and Class C Shares" on page 37:

If a dealer has a special  agreement with the Distributor,  the Distributor will
pay the Class B  service  fee and the  asset-based  sales  charge to the  dealer
quarterly in lieu of paying the sales  commission and service fee advance at the
time of purchase.

10. The following is added as a new penultimate  sentence to the fifth paragraph
of "Distribution and Service Plans for Class B and Class C shares" on page 37:

         If  a  dealer  has  a  special  agreement  with  the  Distributor,  the
         Distributor  shall pay the Class C service  fee and  asset-based  sales
         charge to the dealer  quarterly in lieu of paying the sales  commission
         and service fee advance at the time of purchase.

11.  The  introductory  phrase  in  the  fifth  sub-paragraph  of  "Waivers  for
Redemptions  in Certain Cases" in "Waivers of Class B and Class C Sales Charges"
on page 38 is replaced with the following and a new  sub-section (6) is added as
follows:

         o distributions from  OppenheimerFunds  prototype 401(k) plans and from
certain Massachusetts Mutual Life Insurance Company prototype
                                                                    [continued]

                                          -3-




401(k) plans . . .  (6) for loans to participants or beneficiaries.

12. The following  sub-paragraph is added at the end of "Waivers for Redemptions
in Certain Cases" in "Waivers of Class B and Class C Sales Charges" on page 38:

         o Distributions from 401(k) plans sponsored by broker-dealers that have
entered into a special agreement with the Distributor allowing this waiver.

13. The section captioned "Special Investor Services" which begins on page 39 is
revised by adding the following after the sub-section  captioned  "PhoneLink" on
page 40:

Shareholder  Transactions by Fax.  Beginning May 30, 1997,  requests for certain
account  transactions  may be sent to the  Transfer  Agent by fax  (telecopier).
Please  call   1-800-525-7048  for  information  about  which  transactions  are
included.  Transaction  requests  submitted by fax are subject to the same rules
and restrictions as written and telephone requests described in this Prospectus.




May 1, 1997                                                          PS0880.010








                                                   -4-