Bonds without Borders: A History of the Eurobond Market

Bonds without Borders: A History of the Eurobond Market

Chris O'Malley

Language: English

Pages: 366

ISBN: 1118843886

Format: PDF / Kindle (mobi) / ePub

Bonds without Borders: A History of the Eurobond Market

Chris O'Malley

Language: English

Pages: 366

ISBN: 1118843886

Format: PDF / Kindle (mobi) / ePub


Bonds without Borders tells the extraordinary story of how the market developed into the principal source of international finance for sovereign states, supranational agencies, financial institutions and companies around the world. Written by Chris O'Malley -- a veteran practitioner and Eurobond market expert- this important resource describes the developments, the evolving market practices, the challenges and the innovations in the Eurobond market during its first half- century. Also, uniquely, the book recounts the development of security and banking regulations and their impact on the development of the international securities markets.

In a corporate world crying out for financing, never has an understanding of the international bond markets and how they work been more important.Bonds without Bordersis therefore essential reading for those interested in economic development and preserving a free global market for capital.

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imposed conditions on most major cross-border mergers, opposing any moves that might reduce competition in the industry. So, for example, the takeover of Italia Telecom by Olivetti prompted the acquisition of Omnitel and Infostrada by Mannesmann, while the takeover of Mannesmann by Vodafone triggered the takeover of Orange by France Telecom. With the stock market falling due to the dot.com collapse, the telcos looked to finance their activities with debt. The major banks lined up to offer huge

CDO market during the crisis led to a significant reduction in CDS activity. Since its peak of $58trn equivalent of CDS outstanding in mid-2008, the market had halved to roughly $29trn by the end of 2011. CDS spreads were more volatile and were no longer used as an indicator for spreads in the primary market. In September 2011 there was a further blow for the secondary bond markets. The President of the European Commission put forward a plan to introduce a new financial transactions tax (FTT) in

Self-Regulatory Organisations SSM see Single Supervisory Mechanisms Stability and Growth Pact (SGP) Stamp Office stand-alone bonds & FRNs Standard Oil sterling see pound sterling sterling bloc Strauss Turnbull streaker bonds structural adjustment programmes (SAPs) structured investment vehicles (SIVs) substantial US market interest (SUSMI) super-equivalence Sweden Swiss Bank Corporation (SBC) Swiss franc, 1979–1984 Swiss National Bank Switzerland 1979–1984 Bank of International Settlements CSFP

match buyers and sellers where they could. Secondary market trading sizes were modest, typically between $10,000 and $25,000 and trades as large as $100,000 were rare. In 1969 it was estimated that the combined capital of the market-makers was no more than $70m.50 Bondtrade and Eurotrading were consortium trading houses established to participate in the Eurobond market. Eurotrading was set up by three of the Rothschild family banks along with Pierson, Heldring, Pierson,and Banque Lambert. Within

could be more than 20 market-makers per issue. A price would be quoted, normally with a half point spread in amounts varying from $100,000 to $1,000,000 by individual market-makers who would look to make an ⅛% on average market size transactions. Investors would check various two-way quotations and then deal with the market-maker with the most attractive price. Such ‘blind’ dealing practices gradually fell out of favour as traders found it increasingly difficult to avoid losses from unscrupulous

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