Bonds without Borders
A History of the Eurobond Market
The Wiley Finance Series

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.

Foreword by Hans-joerg Rudloff  ix

Introduction: Fifty Years of the Eurobond Market xi

Chapter 1

Before the Beginning To 1962 1

Chapter 2

Building the Base 1963–1969 21

Chapter 3

Oil and Turmoil 1970–1979 47

Chapter 4

Masters of the Market 1979–1984 73

Chapter 5

Going Global 1985–1989 99

Chapter 6

The Derivatives Dash 1990–1995 125

Chapter 7

Convergence and Credit 1995–1999 145

Chapter 8

Of .Com’s and Cons 1999–2004 163

Chapter 9

Mark-to-Model 2004–2007 187

Chapter 10

Busts and Bailouts 2007–2010 207

Chapter 11

Sinking Sovereigns 2011–2013 229

Postscript 247

Glossary 251

Index 259

CHRIS O’MALLEY is a Senior Advisor to the International Capital Market Association (ICMA) focusing on training and market practice initiatives. He has spent more than 35 years of his professional life in the international debt markets, specifically the Eurobond market. For a major part of his career, O’Malley managed bond sales teams: heading the London sales team for Credit Suisse First Boston and then managing sales globally for Samuel Montagu, Midland Montagu and subsequently HSBC.