Word: eurobond
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Dates: during 1960-1969
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...German bank to open a representative office in Manhattan. Last year it became the first German bank to join a major multinational banking combine when it helped to found the Societe Financiere Europeenne in Paris. The Dresdner's year-old Luxembourg subsidiary is thriving in the fast-expanding Eurobond and Eurodollar markets. Increasing its stake in Latin America, the bank last year bought an interest in local banks in Brazil, Chile and Colombia...
...important innovation, mothered out of necessity after the U.S. began curbing its money exports, is the big and free "Eurobond" market, which rallies currencies from many countries. Conceived and usually underwritten by Wall Street bankers, the bonds are floated for borrowers as diverse as South Africa's De Beers, France's state-run P.T.T. telecommunications monopoly, and U.S. subsidiaries abroad. They are sold to oil sheiks and other wealthy individuals, and reportedly, the United Nations pension fund and the Vatican. From almost nothing in 1963, the volume of these bonds rose to $2.1 billion last year, mostly...
...Eurodollars. The total approaches the $497 million worth of bonds that U.S. firms sold in Europe during all of 1966; it is only a fifth less than the $527 million they sold all last year. The surge of American offerings has impelled several European borrowers to postpone their own Eurobond issues...
Rushing in last year to finance their building programs with Eurobonds, U.S. corporations disrupted bond markets, shut out other prospective borrowers, such as the Scandinavians, sent interest rates on medium-term bonds of five to ten years' maturity up as high as 7%. Recently, however, the demand for bond money has been more orderly -and more money seems to be available for everyone. Robert Genillard, European partner of the Manhattan investment banking firm of White, Weld & Co., points out that the Eurobond market, now $1.3 billion, is nearly three times as large as it was in 1962. Says...