Word: eurobond
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...think tank recommends that France share its U.N. Security Council seat with Germany, and that the two nations combine their diplomatic missions and staff. It also suggests that the two closely coordinate their budgetary and fiscal policies, merge the Paris and Frankfurt stock markets and issue a joint Eurobond totaling 100 billion euros ($145 billion) to finance long-term industrial and infrastructure projects...
Today, with 38 offices in 21 countries, Nomura is increasingly showing its muscle on foreign ground. Six years after establishing a full-fledged subsidiary in London, it ranks No. 1 in the Eurobond market, having overtaken the likes of Deutsche Bank and Credit Suisse First Boston. Nomura controls investment or commercial banks in Britain, Australia, Switzerland, Singapore and Bahrain. In the U.S. it is a major dealer in Treasury issues and holds a seat on the New York Stock Exchange. In The Second Wave: Japan's Global Assault on Financial Services, Authors Richard W. Wright and Gunther A. Pauli...
...City, London's financial center, blending in has meant hiring graduates of Oxford and Cambridge. Last year Nomura signed on more Oxbridge graduates than the Foreign Office. London has been the base for Nomura's enormously successful foray into the Eurobond business. In 1987 Nomura snared the leading share of the market: 13.2%, vs. 7.7% for Credit Suisse First Boston. Nomura won that battle with the same strategy that Japanese manufacturers employed to conquer world markets: innovative products and aggressive pricing. Among Nomura's most popular offerings are Eurobonds sold with so-called equity warrants, which give the purchaser...
...reason that the Japanese have descended on London is its importance as a center of the burgeoning Eurobond business. In this market, international lenders can underwrite bonds that are denominated in foreign currencies and free from virtually any government restrictions. In 1980, when they were still neophytes, Japanese banks handled about $1.5 billion in Eurobonds, putting them behind the banks of three countries plus the World Bank and the European Community. Midway into 1986, the Japanese are in second place, behind U.S. banks, with $12.6 billion in new issues...
Wall Street investment houses are betting that they will benefit from the tax repeal. In the past, U.S. corporations that wanted to sell bonds to foreigners have generally set up offshore subsidiaries in tax havens like the Netherlands Antilles. Those subsidiaries issued Eurobonds, which are marketed primarily in London and other European financial capitals. Because of the tax repeal, foreigners may now be willing to buy more corporate bonds issued in the U.S. through New York investment firms. European bond houses are confident, however, that their Eurobond business will not be severely hurt. Reason: European investors who like personal service...