By Julian Walmsley
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Additional resources for Global Investing: Eurobonds and Alternatives
Sample text
The World Bank traditionally borrowed in Swiss francs, to the extent that its paper was becoming less welcome in the Swiss market. IBM had issued Deutschmark and Swiss franc bonds. Due to the great rise in the dollar since the bonds were issued, IBM had unrealised currency gains, which it wished to crystallise. The solution to these problems was for the World Bank to take over IBM's liabilities in respect of servicing its Swiss franc and Deutschmark bonds; in exchange, it issued the US dollar bond and passed the dollar proceeds on to IBM.
The Eurobond market was naturally well designed to respond to the spirit of innovation which was in the air, and 1986 was a year in which numerous innovations were brought to market: bull/bear bonds, bull floating-rate notes, heaven and hell bonds, ICONs, deferred coupon and step-down bonds, and floating-rate Collateralised Mortgage Obligations (CMOs). ) During this year the major Japanese firms began to make their mark. They owed this to the rapid growth of the Euroyen market following continued liberalisation in Tokyo, together with the very rapid growth of Japanese corporate bonds issued at low coupons in US dollars, coupled with equity warrants.
In August 1975 came the first US$100 million issue for a non-corporate entity, New Zealand. This was shortly followed by much larger issues. 9 billion in issues (more than the entire 1974 total). The European Economic Community (EEC) led the way. It aimed to borrow heavily to help its member states finance the balance of payments pressures caused by the oil crisis. In January, the European Coal and Steel Commission broke the $125 million mark with a new bond issue. In turn this was rapidly dwarfed by two jumbo issues for the EEC of US$300 million and US$500 million in March and April 1976 respectively.