Word: eurobond
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...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...