Bonds without Borders: A History of the Eurobond Market

Praise for Bonds Without Borders 'Chris O'Malley's book makes a significant contribution to a better understanding of the great benefits open financial markets have brought to the world.' — Hans-Joerg Rudloff 'I believe this to be the best account to date of the most significant development in international finance of modern times. A "must read" for any current practitioner.' — Stanislas M. Yassukovich CBE, Former Chairman, Merrill Lynch Europe, Middle East and Africa 'Mr O'Malley has written a detailed, accurate and fascinating history of the Eurobond market laced with anecdotes from the cast of characters who made it happen. A must for practitioners past and present as well as students and policy makers.' — David Potter, Chairman, Spark Ventures PLC, London 'Chris O Malley's colourful account of the development of the Euromarkets is both entertaining and authoritative. Whilst the last five decades have witnessed unparalleled technological change, it is good to be reminded of how important individuals are to the operation and development of the market.' — Martin Scheck, Chief Executive, International Capital Market Association (ICMA) 'O'Malley's study is compelling reading, pulling together the various strands—economics, regulation, finance and above all the personalities—that contributed to building this unique market. Market practitioners and students will make new discoveries in every chapter.' — Robert Gray, Chairman, Debt Finance and Advisory, HSBC Bank plc

Foreword ix Hans–Joerg Rudloff 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.