It is generally accepted that the Eurobond market began with the Autostrade issue for the Italian motorway network in July 1963. It was for US$15m with a 15 year final maturity and an annual coupon of 5½%. S G Warburg was the lead manager of the issue while the co-managers were Banque de Bruxelles, Deutsche Bank, and Rotterdamsche Bank.

The cross-border debt capital market continues to bring together borrowers and investors from all over the world and meets the funding needs of countries, supranational organisations, financial institutions and companies.

ICMA has under various names, the Association of International Bond Dealers, the International Primary Market Association and the International Securities Market Association, been at the centre of this market almost from its beginning.

History of the Eurobond Market
1963 First Fixed rate issue: Autostrade
1969 Launch of Association of International Bond Dealers (AIBD)
1969 Launch of Euromoney
1969 Euro-clear established (forerunner of Euroclear)
1970 Cedel established (forerunner of Clearstream)
1970 First Floating Rate Note: ENEL
1979 First bought deal: GMAC
1981 First swap: IBM/IBRD
1989 Fixed price reoffer introduced
1989 First global bond: World Bank
1992 Association of International Bond Dealers (AIBD) changes name to International Securities Market Association (ISMA)
1994 First CDS: Exxon/EBRD
1999 Pot deal introduced
1999 Euro introduced in 12 countries forming the Eurozone
2005 International Securities Market Association (ISMA) and International Primary Market Assocation (IPMA) merge to form International Capital Market Association (ICMA)
2007 Global credit crisis starts
2008 Lehman’s default
2010 European sovereign debt crisis starts
2013 50th Anniversary of the Eurobond Market

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