Witness seminar on the origins and early development of the eurobond market

Contemporary European History

Volumn 1, Issue 1, 1992, Pages 65-87

  Burk, Kathleen ^a  

^a NONE

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EID: 84972457312     PISSN: 09607773     EISSN: 14692171     Source Type: Journal    
DOI: 10.1017/S0960777300005063     Document Type: Article

References (25)

1. Contemporary European History, 1, 1 (1992), pp. 65–87.
2. Susan Strange, International Monetary Relations (Royal Institute of International Affairs, 1976), p. 181.
3. See, for example, Ian Kerr, A History of the Eurobond Market: The First 21 Years (London: Euromoney, 1984), p. 18.
4. Samuel L. Hayes III and Philip M. Hubbard, Investment Banking: A Tale of Three Cities (Boston: Harvard Business School Press, 1990), p. 29.
5. Von Clemm to Burk, Nov. 1990. In the early years of the Eurobond market, according to Kerr, White Weld ‘had probably the greatest Eurobond distribution capability of any single house at this time.’ History, p. 21.
6. Strange, International Monetary Relations, p. 180.
7. It has been estimated that the Eurodollar market grew from $1,500 million at the end of 1959 to over $50,000 million in 1970. A. Dequae, ‘Report on the Eurodollar Market for the Council of Europe’, Document 2939, 28 April 1971.
8. Kerr, History, p. 17.
9. Jacques Attali, A Man of Importance: Sir Siegnumd Warburg 1902–82 (London: Weidenfeld & Nicolson, 1986), pp. 223–224.
10. Kerr, History p. 11.
11. Attali, Siegmund Warburg, p. 224.
12. This is ironic, since one of the attractions of the Eurobond became the speed with which they could be organised and issued. Ferrier Charlton ascribes this to S. 423 (2) of the Companies Act 1948,
13. which determined that the offer of securities of a foreign company is not caught by UK prospectus rules as long as the offer is made to those whose ordinary business it is to buy or sell shares or debentures, either as principal or agent. In view of the identity of the chairman of this seminar, it is interesting to note that this dates back to amendments proposed at the last moment to what became the Companies Act 1929 by the then MP for the City of London, Mr E. C. Grenfell. Mr Charlton believes that Grenfell's intervention was made for the following reason: ‘The Bill was debated in 1928, a period of boom in the New York market. I believe that, only at the last moment, UK brokers & jobbers saw themselves excluded from that market if US distributors had to file prospectuses. They wouldn't have bothered, of course.’
14. Ferrier Charlton to Peter Catterall, 26 Oct. 1990, with accompanying document.
15. Kerr, History, p. 14.
16. Attali, Siegmund Warburg, p. 225.
17. Von Clemm to Burk, Nov. 1990.
18. Kerr, History, p. 14.
19. Von Clemm to Burk, Nov. 1990.
20. Kerr, History p. 20.
21. Interview with Dr Michael von Clemm, 8 June 1990.
22. Kerr, History, pp. 22–29.
23. Kerr, History, pp. 30–31, 50–51.
24. Interview with von Clemm, 8 June 1990.
25. Kerr, History, p. 29.