Bonds without Borders

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