Word: eurobond
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Straddles, hedges, shorts, longs. To most people, the argot of commodities trading is about as exciting and intelligible as the fine print in a Eurobond offering. Not, however, to the traders and speculators who wheel and deal on the floors of the commodity exchanges of the Midwest, where most of the nation's grain trading takes place. For the high rollers in the mysterious world of wheat and corn futures, soybean stop orders and daily limit moves, commodities are the stuff of fast fortunes...
...Kleinwort had not given in, said its chief, Sir Cyril Kleinwort, the Arabs would have invested their money elsewhere. But other London bankers noted skeptically that Kleinwort, Benson was all too happy to exclude its competitors, Rothschild and Warburg, which are bigger and better established than Kleinwort in the Eurobond market...
Bank Paradise. The banking gnomes of Luxembourg have made their country into the world capital for a new kind of capital: the Eurobond. Issued abroad by both U.S. and foreign companies and usually payable in dollars, Eurobonds are used to tap the $60 billion in American money that is sloshing around Europe. The Luxembourgeois have turned their tiny, one-room stock exchange-manned by four callers who quote prices to a dozen brokers seated around a single table-into a marketplace for no fewer than 409 different issues of Eurobonds. Last year it handled a volume of $1.6 billion...
...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...