Euromoney 30th anniversary: Capital market landmarks
Euromoney 30th anniversary: Remember this?
Euromoney 30th anniversary: A creaky system (Paul Volcker interview)
Euromoney 30th anniversary: The state still rules the market
Euromoney 30th anniversary: Views from the top
Euromoney 30th anniversary: The future of risk
Euromoney 30th anniversary: Anniversary quiz
According to Hans-Joerg Rudloff, now chairman of Barclays Capital, the years 1966 to 1969 "saw a re-opening of the international financial markets after 40 years". They had been closed effectively since 1929.
Veterans remember those early days of Eurobonds and Euroloans as an era of excitement, vision and idiosyncratic behaviour. Rudloff wasn't the first into the business. He was a humble equity salesman at Kidder Peabody when the market started. But at Credit Suisse First Boston in the early 1980s, he became the archetypal Eurobond syndicate boss: arrogant, powerful, ruthless, hard-living and courageous.
There was another less glamorous side to the market, the Euroloan, responsible for recycling billions of oil dollars to developing countries in the late 1970s, and perhaps later contributing to their economic downfall.
Minos Zombanakis, then at Manufacturers Hanover, recalls his first sovereign floating-rate Euroloan, $70 million for the shahdom of Iran in 1969.