A GROWING PRESENCE IN THE EUROMARKETS
In August 1985, the co-operative banks signalled their emergence as a major force in the Euromarkets when they syndicated one of the largest ever multi-currency issues for the World Bank. The $325 million (equivalent) facility (the second by UNICO for the World Bank) consisted of eight currency tranches including six private placements in Deutschemark, yen, Danish kroner, Dutch guilders, Austrian schillings and Ecus. It was co-ordinated by DG Bank and included all the members of the UNICO Banking Group, as well as six smaller co-operative institutions.
The issue was well received and according to Anthony Tuk, General Secretary of the UNICO Banking Group, attracted considerable attention from commercial bankers gathered in Seoul for the IMF meeting. "All the commercial banks were talking about the issue," he said. "Once again they found that the co-operatives were active in a market which they had previously thought us incapable of entering."
The World Bank, too, was clearly pleased with the results of the financing, returning to the UNICO Banking Group in March 1986 for a similarly structured $250 million 10-year bond package. This included the first Australian dollar facility for the World Bank and was placed almost entirely within the network of the co-operative banks and affiliated institutions.